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Friday, April 26, 2019

Daily update 4/26

A better than expected GDP report brought out some buyers after the initial opening sell off.

SPX made a new high close, but it is still slightly below the intraday high from last year.  Breadth was +64%.  New highs picked up to 121.  New lows slipped to 29.

The futures closed slightly below the high from 4/23.  I would say they could still be consolidating despite the new high close.

The green count recrossed the red line.  Will the buyers keep on going next week?

Companies that have missed earnings have been really pummeled.  Some beats have been well rewarded, but not all.  Many that missed have blamed China.  Other companies have said China is good.  The Chinese stock market was down big this week I presume because the leadership said there was no more stimulus planned for now.  The better than expected U.S. GDP might be viewed by Trump as leverage to be tough in negotiations.  I still have no idea how that will all work out.

The dip buyers rush in on every little dip in price.  There has really been no selling pressure to speak of on this rally.  Until that changes there is not much to talk about.

Have a great weekend.


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