Stocks are up across the board ahead of what’s expected to be the next Federal Reserve interest rate cut at 2 p.m. ET.
Something worth noting about this morning’s bounce is that the Magnificent 7 (MAGS) stocks are up, but even more importantly is that the S&P 500 Equal-Weight ETF (RSP) is actually up more than double the MAGS.
So we’re seeing more broad participation in the rally rather than just seven stocks carrying most of the weight, which is the opposite of what we’ve seen of late.
My hope is that it’s not an aberration and this momentum continues.
That also doesn’t mean the Mag 7 stocks aren’t strong today — they’re actually holding strong as well.
The Fed’s rate announcement comes at 2 p.m. ET followed by comments from Fed Chair Jerome Powell, which should give us clues about next steps. I for one can’t wait to hear what he has to say!
We also have some important earnings from Micron (MU), which could move chip and tech stocks. MU is also right at its 200-day moving average, so a breakout would be great to see.
Bonds (TLT) came up Tuesday but are falling again this morning, which puts a lot of pressure on the market…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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