First time in a hundred years - stock market transactions now settle in just a day. Actually, given the digital speed of this era the only surprise is that it took so long to move to single day settlements.

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Anyway that arrived as of today.

What else arrived is indecision, with generally shuffling at the Holiday break. It was notable that Nvidia (NVDA) popped significantly, but not much else participated. I also noted the activist efforts to spur Texas Instruments (TXN) to move faster, but as a holder for over 2 decades, there's aren't really complaints on our end.

The complaint would be the 'concentration' of leadership that continues to be a drag, even if on-balance things are leaning slightly to the positive side. It's an upward grind for S&P, not a particularly inspiring move, and maybe this is going to be indecisive or rangebound until we hear what Apple (AAPL) says June 10.

At the moment there is no 'catalyst' for another S&P leg higher, nor should we get one. Yes, a unilateral ceasefire by Israel (now that they reached the center of Hamas in Rafah apparently) could help, an actual (not just propaganda) try for a ceasefire in Ukraine would help, but nothing is highly probably as of yet.

Market X-ray: 

Fed guys still talk of 'confirmation' of inflation slowing, and that combined with 2 huge but sloppy Auctions to reverse stocks, which never had much going from the start. I will note American Airlines guidance downgrade is an area that can widen, beyond American, even to United. Delta so far is the only one without 737 Max's, and no 787's either. One time having an older fleet has actually been a plus, but some of it is getting pretty heavily utilized.

It's a short weekend, and the Apple WWDC looms a couple weeks out, with a first half of June cautionary note already shared well before any of this. As to broadening out, you probably need better consumer moods, and you don't get that so easily now. Not to mention the fiasco of insurance and home prices 'if' (and I'm afraid it's when not if) a major hurricane strikes again this Summer.

We need to watch 'commercial real estate' closer, and also Friday's PCE will be out (most important for the Fed). There is excessive complacency as far as the property issues, regional bank concerns, and so on. Not projecting anything in-particular, just want to be aware of this continuing to percolate.

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