Growth over Inflation
March 22, 2024 (Investorideas.com Newswire) S&P 500 post FOMC continued as per the premium call "the rally will go on this week thanks to liquidity, and won't offer deep dips" - the market breadth was good, ad key sectors (XLF and XLY) leading were accompanied to a sufficient degree by tech.
While the immediate post FOMC conclusion was that of dovish Fed, the array of other central banks (notably SNB, and continuing of course with PBOC) proves there is willingness to err on the side of economic growth support vs. inflation that I had been vocal lately about bottoming out too high. Liquidity is still positive, and neither the yesterday discussed slowdown in Fed balance sheet runoff can be ignored.
This makes for a stagflationary environment a couple of quarters down the road, but for now we're still in waning disinflation, earnings growth (hello, FedEx) and wage growth (forget not that job market support mentions are what ignited the risk-on run during Powell's conference), and that's positive for equities, commodities and precious metals (LEIs aren't as negative as they used to be either) - moves that will become more pronounced once the dollar rolls over from the 104 area to resume its downswing.
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Let's move right into the charts (all courtesy of www.stockcharts.com) - today's full scale article contains 3 of them, featuring S&P 500, precious metals and oil.
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S&P 500 and Nasdaq
5,290 support can be reached in the opening part of today's session, but I'm not looking for a deep dip to follow. JPM, WFC, GS, KRE helping out IWM - there can't be a bullish upleg without financials and industrials. Consumer discretionaries with materials are to follow.as much as materials and for weeks touted energy.
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Monica Kingsley
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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