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Bulls Say, "Buy 'Em"

Daily Rap 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,...more

Last year's posts for Ask Fleck

Q: Please delete my comment on twrff Tower Resources. The stock was up yesterday based on an announcement of better than expected drilling results. While there is a rumor that they are an acquisition target it is only a rumor.

Fleck: Too late, sorry.
(posted: 3/3/2023)

Q: Hi Bill:
Do you still own some PureCycle (PCT)? Looking for entry but this is a straight collapse from about 9 to 6 and falling hard mid-day today. Seems to be technical support around 5.

Fleck: It is a very small position and it has had huge swings in both directions. At this juncture, after their stumbles, I wouldn't be in a rush to own it. Let them prove they can build the plant first.
(posted: 3/3/2023)

Q: I'm not saying I agree or disagree; I just want to understand. I'm probably missing the obvious, so please explain. Today you wrote that to some extent the bond market "has... taken the printing press away from the Fed" insofar as it has declined continuously since inflation became obvious. But the Fed has been raising rates since then, no? So why is the alternate interpretation, that the market is just reacting to what it thinks the Fed will do, is not just as valid? In other words, what is the evidence that makes your interpretation more valid than the latter? Thanks.

Fleck: The bond market is doing all the moving, and the Fed is reacting. But the narrative is that, "The bond market is going to a place where it would be IF the Fed did such and such." The story is always framed like the Fed is in charge when they are not. The story should be, "Bonds tank, Fed way behind the inflation curve."
(posted: 3/3/2023)

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