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As rates have backed up, homebuilders have backed down... A majority ended August in oversold territory:
Today’s data was mostly weaker than expected. Construction spending fell 0.5%, and job openings came in at 7.27 million versus 7.31 million expected.
Manufacturing data was mixed against estimates, but both stayed above 50 in expansion territory.
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What has happened to TJX $TJX? Now in a 20% drawdown from June highs. This has been one of the steadiest stocks in the market in the last 25 years.
Morning Call Sheet: AI, rising yields and oil test the September rally.
@PaulHickey of Bespoke Investment Group, @Stephanie_Link of Hightower and Sylvia Jablonski of Defiance ETFs discuss AI spending, rising bond yields, oil prices and the risks facing markets in September.
solana:J3NKxxXZcnNiMjKw9hYb2K4LUxgwB6t1FtPtQVsv3KFr $QQQ $VIX
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New Month, Same Worries - Morning Market Note - 9/1/26
The gold ETF $GLD is down 6.6% over the last week and just ticked back below $400.
Nice bounce in August to break a multi-month downtrend, but the recent fade has erased the back-half of the rally.
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Thanks so much for having us on.
In order for the growth trade to get back on track semis and/or memory stocks are going to need to get back above their 50-DMAs.
Morning Call Sheet: AI, rising yields and oil test the September rally.
@PaulHickey of Bespoke Investment Group, @Stephanie_Link of Hightower and Sylvia Jablonski of Defiance ETFs discuss AI spending, rising bond yields, oil prices and the risks facing markets in September.
solana:J3NKxxXZcnNiMjKw9hYb2K4LUxgwB6t1FtPtQVsv3KFr $QQQ $VIX
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Read today's Morning Lineup at
Yesterday was the first time since early June that there were more oversold stocks in the S&P 500 than overbought.
Another view of the Warshach Test:
Everyone left Jackson Hole convinced Warsh is about to hike. Cem Karsan @jam_croissant is calling the opposite right here.
His read is that the hawkish talk was never about policy, it was a defense of the dollar. Bessent said the quiet part out loud yesterday: you do not raise rates into a supply shock.
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In terms of seasonality, the next week and month are going into the wind.
S&P Manufacturing PMI is due at 9:45 AM ET, followed by ISM Manufacturing, Construction Spending, and JOLTS at 10:00 AM.
If only Europe kept polluting.
Total Vehicle Sales is the only key event on the schedule tomorrow.
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This is called the Warshach Test.
Gold down on Warsh hawkish comments
Bonds, bitcoin flat on Warsh neutral comments
Stocks jump to HOD on Warsh dovish comments
