Daily Content
Fleck's Thoughts
IndexClose% Change
Dow Transports14142.042.9
Dow Utilities1022.040.13
S&P 5004057.941.99
Nasdaq 10012276.792.79
Russel 20001844.552.52
VIX Index27.24-3.98
10 Year Gov't Yield2.750.1
Spot Gold1851.91-0.08
Spot Silver22.020.15
GDX-Gold Miners32.39-0.61
Crude Oil113.93.22
Dollar Index101.8-0.25
Euro Spot1.070.41
Japanese 10 Year0.22-10.04
Shanghai SE3123.110.5
Long Bond 20-year141.81-0.02

Market Shrugs Off Bad News


Last night Nvidia was unsuccessful at the game of beat-the-number, as its guidance was disappointing. In the wake of that news, the stock price fell about 8% and I was feeling like I'd made a mistake in covering my small amount of shorts earlier yesterday. But lo and behold, both Nvidia and the market at large launched a decent rally that looked to me like it involved plenty of short covering.

Breaks Lead to Brakes? I think some people tried to make the case that the fact the GDP was reported for Q1 at -1.5% meant that maybe the Fed would slow down its hikes, but that number was right around expectations so I don't expect that will change the Fed's current plan. Thus, I think the rally was just ready to happen.

In any case, by midday the market was 2% higher, plus or minus, depending on the index. Then in the afternoon, the indices gained a bit more ground, as the Nasdaq finished up about 2.5%.

Away from stocks, fixed income gave up its initial rally on the weak GDP data to finish slightly lower, while green paper was a bit soggy. The metals were essentially flat while the miners were mixed with small changes.