Daily Content
Fleck's Thoughts
Appearances
IndexClose% Change
Dow33390.351.17
Dow Transports15112.490.48
Dow Utilities916.151.48
S&P 5004045.481.61
Nasdaq11689.011.97
Nasdaq 10012290.812.04
Russel 20001927.841.32
VIX Index18.52-5.46
10 Year Gov't Yield3.96-2.49
Spot Gold1854.941.04
Spot Silver21.231.61
GDX-Gold Miners28.631.63
Crude Oil79.742.02
Dollar Index104.54-0.46
Euro Spot1.060.35
Japanese 10 Year0.530.38
Shanghai SE3328.390.54
Long Bond 20-year124.911.5

Bulls Say, "Buy 'Em"

03-03-2023

The SPOOs were higher overnight and also post opening. Then today's macro data was a little bit worse than expected from an inflation standpoint, which produced a setback. However, it didn't take long for the rally to continue, and by late morning the SPOOs and Nasdaq had gained about 1%.

Dude, They're Not Getting a Dell In company-specific news, Dell's forecast was weaker than expected, largely because consumer PC and related purchases are expected to be softer. The stock price initially fell last night, but today it rallied for most of the day before losing just 1%. I bring that up because there's nothing really sexy about its business, so a company like that can't decline meaningfully on bad news, that's a warning that perhaps in the short run, not much matters (once again).

In the afternoon, the rally continued, led by the Nasdaq, which gained 2%. Away from stocks, fixed income was stronger, green paper was slightly weaker, while the metals gained a bit of ground, with silver up 1.5% and gold adding 1%. The miners were slightly higher.

Holding Pattern Despite the long laundry list of macro and company-specific problems, for the moment, for whatever reason, it would appear that stock prices are not inclined to sink. That can change quickly, and though I find it surprising, I don't intend to try to take the other side until I see signs that bad news matters.

Positions in stocks mentioned: none.