Oct 17, 2024
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“Nothing’s worse than a guy who loses fair and square and then whines about it.” – Evel Knievel
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Retail sales, jobless claims, and the Philly Fed report all came in better than expected a few minutes ago at 8:30 AM ET, and we’ll have more coverage of these indicators later today.
After major chip-equipment manufacturer ASML spooked the Tech world earlier this week with a weaker than expected earnings report, Taiwan Semi (TSM) has helped to right the ship this morning with an earnings triple play (beat EPS, beat sales, raised guidance). The stock is reacting to the news extremely positively in pre-market trading. Shares are currently set to open higher by 9.1%, which would mark a new all-time high for the stock. As shown below, a 9.1% gap higher for TSM this morning would also be its most positive open following an earnings report since at least 2012.
Small-cap indices have been charging higher over the last week with the Russell 2,000 (IWM) up nearly 4% and the Micro-Cap ETF (IWC) up 6%. As shown below, small-cap index ETFs are currently the most overbought, then mid-caps, then large-caps. The Nasdaq 100 ETF (QQQ) is actually down over the last week, but its price is still slightly overbought.
Oct 16, 2024
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“I took the two most expensive aspirins in history.” – Wally Pipp
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
The S&P 500 saw a downside intraday reversal yesterday after European chip-equipment manufacturer ASML reported weaker than expected numbers. As shown below, SPY is currently trading well above its 50-day moving average and is about $16 above key support. We’ll be treating any downside move as simple mean reversion until the point at which support at the $563.5 level breaks.
The semiconductor ETF (SMH) fell more than 5% yesterday on the ASML news, resulting in a large red bar on the ETF’s chart. Remember that even though the broad market has been chugging along making new high after new high recently, the semis — the Transports of the 21st century — have yet to do so.
Oct 15, 2024
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“I always performed out of fear of failure – and that’s a tough way to play. It was as if my back was to the wall and I was constantly surrounded by very dangerous people that were not friendly to me.” – Keith Hernandez
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Major US banks and brokers are in the news once again this morning as all three that reported earnings ahead of today’s open (BAC, C, GS) beat both top and bottom line estimates. Coming into today, this space is already trading extremely overbought, but share prices are rallying again in the pre-market in reaction to the positive earnings news.
As shown below, since earnings season began last week, the “big six” of the banks and brokers are up an average of 6.7% based on where shares are trading in the pre-market this morning.
