E Market Briefing For Friday, April 12

Suppressed behavior continues to characterize soporific S&P market action, while beneath the superficial neutrality just shy of a 2900 level challenge, there is quite a bit of potentially disruptive chatter. So far it is mostly just that; while the ramifications could have grander impact.

  

Issues range from trying to revive IPO fervor (it really isn't that hot and more investors understand how it's often wise to stand aside until after 'lockup expiration' for most if not all IPO's; then make a decision as to whether putting money in a given company is worth the risk); to newer arguments about streaming media victors or vanquished; to a slew of political discussions ranging from (the most pertinent) Brexit delays as the EU encourages the UK not to delay a resolution internally for long; to of course pondering whether President Trump was 'really' cleared in the Mueller Report (details of which we should know any day now); at the same time there is revived talk of indictments of former staff from the Obama era (we've already had indictments on the Trump side too of course). Basically the market's numbed by most of this, for now.  

Today Goldman 'finally' referenced the 'absence of buybacks' perhaps as a contributor holding back the market. Well it's about time; since it's a topic often noted here; and I suspect part of why some major firms in recent weeks have become more cautious (some missed the run from last December) about the market's ability to hold up. Since 'buybacks' are a feature primarily of 'big-cap' (momentum most often) stocks, I'm thinking this is a contributor to the dips in FANG or similar areas.  

  

Overall market action has been so exciting (cynically said) that media is reduced to talking about 'whether dog owners are happier than cat owners' (no kidding; that was a long discussion on CNBC today). It's a sign perhaps that they can't readily find guest analysts willing to really wax enthusiastically about stocks; while they are perhaps reluctant to call for declines (and that's possibly as so many have for months).

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