Chart of the Day – A Lot of New Highs
Bespoke’s Morning Lineup — 10/16/24
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.
The Closer – Semi Slide, Freight Update, SCE – 10/14/24
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we kick off with a look at the reversal in the semis in addition to the outperformance of the Dow Transports (page 1). We then update freight volume data from Cass (page 2) before diving deep into the latest Survey of Consumer Expectations from the New York Fed (pages 3 – 5).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Daily Sector Snapshot — 10/15/24
Bespoke Stock Scores — 10/15/24
Chart of the Day – The 5 Percent
Bespoke’s Morning Lineup — 10/15/24
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.
The Closer – Semis, AI Breakouts, Positioning – 10/14/24
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a look at the new high for NVIDIA (NVDA) and performance of the rest of the semis (page 1) followed by a dive into some interesting charts of AI Basket members (pages 2 and 3). We finish with our weekly rundown of positioning data (pages 4-7).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!