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“How can I go forward when I don’t know which way I’m facing?” – John Lennon

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup.  Start a two-week trial to Bespoke Premium to view the full report.  

What was looking like a modestly positive day for stocks earlier has reversed modestly lower, but the reality is that there is little direction ahead of the Non-Farm Payrolls report at 8:30 AM.  Also, don’t forget about the University of Michigan Sentiment report at 10 AM as well.  Overnight in Asia, it was a mostly positive session, although Japan bucked the trend falling more than 1.7% for a 3.4% decline on the week. The culprit there was a weaker-than-expected GDP report coupled with stronger-than-expected inflation (the worst of both worlds). In Europe, the tone is modestly positive as German CPI was right inline with forecasts and employment data in France was stronger than expected.

It’s generally been a positive month so far for US stocks with some small exceptions – and another big one.  Leading the way higher, Consumer Discretionary and Real Estate have both rallied more than 2% while Industrials and Utilities are both up over 1%.  To the downside, Materials, Consumer Staples, and Technology have all seen modest declines, while Energy has plunged nearly 4%.  As a result of Energy’s weakness, while every other sector remains in overbought territory heading into today’s employment report, Energy is not only below its 50-day moving average, but it’s also the only sector that’s oversold.

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