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A Whole Lot of Not Much

03-15-2018

The market was higher from the get-go, led by the Dow, which gained over a percent compared to 0.5% for the S&P and not much at all for the Nasdaq. Then again, the Nasdaq held up much better yesterday.

"Your Call Has Been Disconnected" To repeat, I don't know that the differences in the indices on any given day really matter all that much, although the fact that the Dow and S&P have not made new highs, while the Nasdaq did, does set up the potential "non-confirmation" of that recent high. But there is no question that the Nasdaq has been the upside leader, as speculation is concentrated in FAANG and other tech names. In any case, as the day wore on the market sort of just flailed around unchanged and finished there, though the Dow remained modestly higher.

Away from stocks, green paper was mixed, as much was made of the lip service Larry Kudlow has paid to a strong dollar, given that he is going to replace Gary Cohn, but I don't think his views matter a whole heck of a lot. He is a far cry in terms of stature than Cohn was, and will likely be able to bend his opinions around to whatever his boss wants. Turning to fixed income, it was flat, as was oil, while gold fell 0.5% to silver's 1%.

Is Spring Just Around the Corner? It is entirely possible that the metals will be boxed in until we get beyond next week's FOMC rate hike, and computers may very well try to pressure it to the downside in front of that news item, as has happened in the past. The tendency has been for rate hikes that have already been discounted to wind up leading to rallies. Thus, it is not unreasonable to expect that outcome next week.

Positions in stocks mentioned: none.