Our Fear/Greed Indicator Is Reading Green...

In Monday's morning note I made the case for a potential "oversold bounce" in the stock market this week. I mentioned the possibility again in last evening's video commentary. 

Morning Note -- And -- Economic Update (video)

Per last evening's look at the short-term S&P 500 setup (video featured below), a relief rally is certainly in the cards right here. As I type, equity market futures are confirming that notion. Whether or not it sticks, well... of course that remains to be seen.

Market Snapshot/Reality Check (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Morning Note: Be Patient, But Only When.........

So, while yesterday's release of the May CPI number came in hotter than the equity market (actors in the aggregate) had hoped, and than economists had forecast, this morning's PPI (Producer Price Index), came in on the nose of consensus expectations (up 0.5% month-over-month versus 1.4% the previous month). In terms of market reaction, zilch! S&P 500 futures were down 0.85% coming into the number, they're down 0.76% as I type (2 minutes ahead of the open).

Morning Note: Timidity...

While listening to Bloomberg live this morning to catch the March CPI number, and the market's response, an interview with former Federal Reserve Board member Bill Dudley captured my attention.

Morning Note: "Ironically"

Yesterday's (and overnight in the futures market) rally in treasuries (yields lower) comports with the notion we explored yesterday; that softer than expected inflation data (CPI due tomorrow) could inspire an oversold bounce this week (but don't hold your breath).

Premarket action (a rally) in equities suggests traders may be sniffing that potential out. 

Market Snapshot/Reality Check (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust:

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.