Wow. There is nothing going on.
How’s that for a soft sell? But I’m serious. As I’m typing this, the /ES is up 0.07% and the /NQ is down 0.04%. Am I supposed to come up with some lucent insight based on that? Over the course of nearly three weeks on the S&P 500, we’ve netted out……….nothing.
What’s odd is that, only a week from today is supposed to be Liberation Day (and is THAT a clever moniker? It’s nearly as crafty a turn-of-phrase as UN-select Committee, and as I writer, I have to lean back in awe and ask, where does he come UP with this stuff??) That is, April 2nd, when all the tariffs that were going to collection “trillions and trillions of dollars” at NO pain to the American taxpayer from countries that are very, very special.
And yet at this point, as well-read as I am, I have absolutely no idea if ANY tariffs are actually going to be in place. There has been so much on-again, off-again, on-yet-again, off-yet-again, it’s a muddle to me. Not that it matters. He could lay his hand on a Bible, solemnly swear on all three of his marriages that the Tariffs were going to be 90% and absolutely would go into effect on April 2nd, and it wouldn’t mean a thing.
The whole tariff nonsense reached a nadir when the President went “full monty” at a joint press conference in an attempt to put the former Canadian PM in his place. The bemused reaction was the beginning of the end.
Allow me to direct your attention to just a couple of charts, and then we can collectively hope that something actually moves today. Here is the NASDAQ 100, which has fully executed its move from one Fibonacci (support) to the next (resistance). As much as I’d like to stand up on a rock and shout out there is no WAY the market could move any higher………I’m not yet fully convinced.
Keep your eye, as I will, on the semiconductor index, shown here by way of SMH. This has been a very helpful leading indicator as to when things break down (or recover, as my “Buy Semiconductors!” tweet from a few weeks ago suggested).
So, yeah, that’s it. See ya!
