Market Recap 4/11/23

Dow +98.27 at 33684.70, Nasdaq -52.48 at 12031.87, S&P -0.17 at 4110.21

The market held up okay today on relatively light volume, again showing resilience to selling efforts ahead of tomorrow’s CPI report for March and the release of the minutes for the March 21-22 FOMC meeting. Relative weakness from some mega-cap names limited index-level performance, leading the Nasdaq to lag. The Russell 2000 (+0.8%), however, was able to maintain its performance edge over other major indices.

Nine of the 11 S&P 500 sectors closed with a gain led by the cyclical energy (+0.9%), financial (+0.9%), materials (+0.7%), and industrial (+0.6%) sectors. Losses from their respective mega-cap components drove the information technology (-1.0%), communication services (-0.4%), and consumer discretionary (flat) sectors to the bottom of the pack.

Big day tomorrow.

Twenty S&P 500 stocks account for 90% of Wall Street’s gains this year. The rest will now follow…?

This normally only ends in one way……..

Large speculators, mostly hedge funds, saw their net short positions in S&P 500 e-mini futures increase to roughly 321,000 contracts as of Tuesday, according to data from the Commodity Futures Trading Commission. That’s the most bearish reading since November 2011 following the downgrade of the US’s sovereign credit rating. Contrarian much?

P&L updated with stops.

See you in the morning.


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