6/16/2026
One might think the DOW rallied across the board with oil prices down but no.
Thanks MMM, VISA, JP MORGAN, CAT
As I observed days ago, if only a handful or one or two stocks can goose the price weighted DOW, this could go on for some time.
If oil was down to 76.56, why were the Transports down -157? ONly UPS, LUV and American Air were up out of all the Transports, what is gong on here?
Yesterday I quoted the CEOs of Exxon and Chevron warning of inventory shortages and higher oil prices. The market was unfazed and dropped again.
OK it's the hourly chart but DOW is finally looking toppy but that is short term. DOW has hit new highs unconfirmed by other equity averages.
NDX
This is an odd chart pattern. A double top with gaps from a U shaped bottom in between. PMO and RSI argue for a pullback but we would have to see a lot more to make anything of this.
Silver has rallied from 61 to 70, I expect more back and forth before a trend can be identified.
I continue to have no opinion on stock market direction longer term.
Long bond price rose a half point along with the DOW, rates have stayed higher longer than I expected.
More tomorrow after market close
Maxi Dresses are bearish not bullish
the famous Flapper Girls of the 1920s wore shorter than ever dresses, the styles were fisky as was the market. Yet here we see a maxi dress trend. And we just saw two horro movies do well at the box office again a bear market feature. Someone tell the markets.
It's interesting observation over Dow's narrow leadership. There are only minimal stocks that are driving gains while transports and other indexes are not thriving. That is why it is important to monitor market breadth. I'll be monitoring the other advantages to see if it confirms Dow's motive.
ReplyDeleteQ: If lower oil prices are upheld through transportation stocks, what would be the cause for the sector to still be weak? Are investors more worried about slowing down demand rather than fueling cost?