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“When you see only problems, you’re not seeing clearly.” – Phil Knight

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The rally was fun while it lasted.  Futures are sharply lower this morning and poised to give up over half of Wednesday’s gains at the opening bell.  An interview with Cleveland Fed President Loretta Mester where she reiterated her hawkish stance hasn’t helped sentiment nor has the fact that initial jobless claims dropped below 200K and continuing claims were also lower than expected.  As if that wasn’t bad enough, the GDP Price Index and Core PCE were both revised higher.  If there’s any silver lining to those upwardly revised inflation readings, it’s that it will make it more likely that these readings for Q3 show some deceleration.

These days, either all stocks rise, or they all fall.  There is little in-between.  It’s like flipping a switch.  In yesterday’s rally, the S&P 500’s net A/D reading was +477 which was the strongest single-day breadth reading since late July and before that April 2020.  Yesterday’s strong breadth reading was the 7th this month and the 31st ‘all or nothing’ day (single day breadth reading either above +400 or below -400) for the S&P 500 this year, bringing the full-year pace to 42.  That would be just one shy of the 2020 total of 43 and the sixth highest single-year total since 1990.  Besides 2020, the only years with a higher number of all or nothing days were during and coming out of the Financial Crisis from 2008 through 2011.

In a normal functioning market, fundamentals play a large role in the direction of individual stock prices.  There are certain times, like now though, where the seas get rough, and Captain Macro takes the helm relegating fundamentals to steerage.  If you’ve ever been seasick on a boat, though, the last place you want to be is down below.

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