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Market Sloshes Sideways

05-30-2019

The market was modestly higher through midday, I suppose because the bulls were celebrating the successful test of their magical 200-day moving average. I was a little surprised that Palo Alto Networks' (PANW) loss at beat-the-number, after having to lower its guidance, didn't have an impact on any other cloud/imagination stocks.

Third Time's the Charm We've now had three of these types of companies in a row that have had issues (including Autodesk and Workday), but such is the market that we're in where very little dot-connecting goes on and not much makes any sense. Having said that, it is very clear -- to me, at least -- that the market is laboring and the next big move is going to be lower, however and whenever it decides to commence.

Turning back to the action, in the afternoon the market leaked steadily lower and was slightly red when a rally in the last hour pushed the indices slightly into the green for the day.

Away from stocks, green paper was mixed, fixed income rallied again (after having been weaker), and the metals saw a pop of about 0.75% that managed to drag the miners along kicking and screaming.

Positions in stocks mentioned: none.