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The SPX -49.37, 5,584, opened flat, traded in a range for 30 minutes, began to aggressively
sell off and closed lower just below Wednesday’s low. The NDX -2.24% also closed lower.
Technology and semiconductor stocks moved lower, and small
cap and housing stocks moved higher after the CPI report beat consensus:
M/M -0.1% vs 0.1% est. and Y/Y 3.0% vs 3.1% est. Core M/M 0.1%
vs 0.2% est. and Y/Y 3.3% vs 3.5% est.
This reflects expectations, actual results may vary. Both the PCE and CPI results really
highlight the Feds inability to articulate a non-ambiguous reality-based discussion
of inflation’s path.
I saw these headlines today: “S&P 500 falls from
record as investors rotate out of tech winners” and separately, “Nasdaq
ends sharply lower as investors rotate out of Big Tech.”
What do these representations mean
to you?
Did investors really rotate
out of tech winners?
Let’s face it, some number of
investors sell every day, so what constitutes a rotation?
The intriguing thing about the financial
media is that they engage in this type of ambiguity every single day, and that it’s
not viable for readers to know what they mean or even if their representation is
accurate.
Here’s the numbers:
|
Stock |
Today's |
% of Shares |
Shares |
|
Volume |
Traded |
Outstanding |
|
|
AAPL |
64,710,617 |
0.42% |
15,334,082,000 |
|
MSFT |
23,111,175 |
0.31% |
7,432,305,794 |
|
NVDA |
374,782,738 |
1.52% |
24,598,341,970 |
|
GOOGL |
25,625,784 |
0.21% |
12,358,000,000 |
|
META |
16,458,253 |
0.65% |
2,536,534,191 |
What this means is that 99%+ of
AAPL, MSFT, GOOGL, and META shares were NOT sold, and 98%+
of NVDA shares were NOT sold.
Does well less
than 1% of outstanding shares constitute a rotate out?
PPI report Friday
July 12, 8:30 am ET.
Earnings season unofficial start is Friday with JPM, C,
WFC, BNY, FAST reporting BMO.
NVDA -7.51, -5.57%, 127.40,
opened slightly higher, reversed after the open and closed lower. Traded average volume.
AVGO -38.74, -2.22%, continued to consolidate in a channel for a fifth day. Its 10 for 1 split takes effect Monday, July
15.
TSLA -22.23, -8.44%, opened flat, rallied at the open and fell after it announced
plans to delay RoboTaxi by two months.
Mega caps AAPL, AMZN, MSFT, GOOGL, META, NVDA, TSLA, fell on Thursday.
SPY down 4.84 at 556.48, 52.5 million shares, above average volume
VIX up .07 at 12.92
QQQ down 11.03 at 491.93
HD, MCD, MMM, DOW led the DJIA, 19 advancers, -9
SBAC, BLDR, MHK, DHI led the SPX, 394 advancers
CSGP, MRNA, ILMN, DLTR led the NDX, 54 advancers
Up: IWM, DIA,
Down: SPY, QQQ,
Seven of eleven sectors were higher on Thursday,
led by XLRE, XLU and XLB.
The SPY
MFC green line is pointed up at 95.7 and is counter-trend defensive.
Uptrend sectors: XLK,
XLC, XLY, XLP, XLF, XLU, XLI, XLB, XLV, XLE,
Neutral sectors: XLRE,
Down trend sectors:
The 6-month intermediate
trend is up. The ten-day trend is up.
3-month Intermediate Term Market
Trend: Up
3-day Short Term Market Trend: Up a little
54 of 100 NDX stocks
closed higher on Thursday.
70 NDX stocks are above their 30
DMA: GOOGL,
TSLA, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, SNPS, VRTX, ISRG, CHTR,
TMUS, EA, ROST, HON, META, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK,
MAR, TSLA, ADBE, AMGN, AMZN, BKR, GILD, INTU, DDOG, FANG, ARM, TEAM, CSX, INTC,
ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MRVL, NXPI, MELI, ADI, BIIB,
CEG, AEP, CTSH, GEHC, ILMN, ROP, CCEP, CDW, CSCO, CSGP, CSX, FAST, MDB, XEL,
NDX Stocks to Watch on Friday:
Moving Above 30 DMA = 8
CCEP, CDW, CSCO, CSGP, CSX, FAST, MDB,
XEL,
Moving Below 30 DMA = 6
ABNB, COST, MCHP, MU, NFLX, QCOM,
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