Stocks are down a bit ahead of the open, and we have a market-moving report coming at 10 a.m. ET in the latest Consumer Sentiment data.
The market still seems to believe we’ll get an interest rate cut sooner than later, and momentum is narrowing. It wouldn’t surprise me to see some chop.
If you look at the equal-weight Nasdaq (QQEW), it shows the market peaked in March. Same goes for the equal-weight S&P 500 (RSP). This tells us the largest stocks are controlling the rally in the weighted S&P 500 (SPY) and Nasdaq 100 (QQQ).
So don’t be fooled by the big moves we’ve seen in the SPY and QQQ… The question is how high can the big stocks go before we start selling?
The entire run up is being pushed by only about 15 or so stocks.
The bond market (TLT), meanwhile, is rising again, and something has to give…
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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