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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 MAY: ASX to open lower | Labor sweeps to power | EZZ works to catch e-commerce Southeast Asia growth wave |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 20 MAY: ASX closes 1.2pc higher, buoyed by tech | Nova Minerals unveils ‘significant’ lithium results at subsidiary Snow Lake’s project | Asian shares jump as China cuts key lending benchmark |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 MAY: ASX to slip as markets waver | Caravel confirms the copper keeps coming at Bindi West Limb |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 19 MAY: ASX closes 1.6pc lower; Wesfarmers, JB Hi-Fi tumble | Big-name investors, politicians embracing oil and gas | Indian shares fall nearly 2% on inflation jitters |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 MAY: ASX to plunge as inflation fears trigger Wall Street rout | Growth aplenty as Plenti delivers positive cash NPAT for FY22 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 18 MAY: ASX rises 1pc; UK inflation surges to 40-year high of 9pc | Riversgold acquires key lithium ground in Pilbara | Shanghai lets financial firms resume work as COVID curb ease |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 18 MAY: ASX to rise amid broad rally in New York | Bitcoin above $US 30,000 | TMK Energy’s Snow Leopard-2 Drilling Underway |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 17 MAY: ASX rises 0.3pc; MinRes adds 5.7pc, Brambles falls 7.6pc | ASX rises 0.3pc; MinRes adds 5.7pc, Brambles falls 7.6pc | Indonesia posts largest ever trade surplus of $7.6 bln in April |

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 MAY: ASX to open lower | Labor sweeps to power | EZZ works to catch e-commerce Southeast Asia growth wave |

    Cabrera Capital Daily Game Plan

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 20 MAY: ASX closes 1.2pc higher, buoyed by tech | Nova Minerals unveils ‘significant’ lithium results at subsidiary Snow Lake’s project | Asian shares jump as China cuts key lending benchmark |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 MAY: ASX to slip as markets waver | Caravel confirms the copper keeps coming at Bindi West Limb |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 19 MAY: ASX closes 1.6pc lower; Wesfarmers, JB Hi-Fi tumble | Big-name investors, politicians embracing oil and gas | Indian shares fall nearly 2% on inflation jitters |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 MAY: ASX to plunge as inflation fears trigger Wall Street rout | Growth aplenty as Plenti delivers positive cash NPAT for FY22 |

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    ICE Notice

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 MAY: ASX to open lower | Labor sweeps to power | EZZ works to catch e-commerce Southeast Asia growth wave |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 20 MAY: ASX closes 1.2pc higher, buoyed by tech | Nova Minerals unveils ‘significant’ lithium results at subsidiary Snow Lake’s project | Asian shares jump as China cuts key lending benchmark |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 MAY: ASX to slip as markets waver | Caravel confirms the copper keeps coming at Bindi West Limb |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 19 MAY: ASX closes 1.6pc lower; Wesfarmers, JB Hi-Fi tumble | Big-name investors, politicians embracing oil and gas | Indian shares fall nearly 2% on inflation jitters |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 MAY: ASX to plunge as inflation fears trigger Wall Street rout | Growth aplenty as Plenti delivers positive cash NPAT for FY22 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 18 MAY: ASX rises 1pc; UK inflation surges to 40-year high of 9pc | Riversgold acquires key lithium ground in Pilbara | Shanghai lets financial firms resume work as COVID curb ease |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 18 MAY: ASX to rise amid broad rally in New York | Bitcoin above $US 30,000 | TMK Energy’s Snow Leopard-2 Drilling Underway |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 17 MAY: ASX rises 0.3pc; MinRes adds 5.7pc, Brambles falls 7.6pc | ASX rises 0.3pc; MinRes adds 5.7pc, Brambles falls 7.6pc | Indonesia posts largest ever trade surplus of $7.6 bln in April |

    Trending Tags

    • FEEDID-6
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  • Charts
    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 23 MAY: ASX ekes out gain; Codan soars 14pc, Incitec tumbles | Archer Materials granted Australian patent for CQ quantum computing chip | Japan April consumer inflation beats BOJ target for 1st time in 7 years |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 23 MAY: ASX to open lower | Labor sweeps to power | EZZ works to catch e-commerce Southeast Asia growth wave |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 20 MAY: ASX closes 1.2pc higher, buoyed by tech | Nova Minerals unveils ‘significant’ lithium results at subsidiary Snow Lake’s project | Asian shares jump as China cuts key lending benchmark |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 20 MAY: ASX to slip as markets waver | Caravel confirms the copper keeps coming at Bindi West Limb |

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: ARVO WRAP 19 MAY: ASX closes 1.6pc lower; Wesfarmers, JB Hi-Fi tumble | Big-name investors, politicians embracing oil and gas | Indian shares fall nearly 2% on inflation jitters |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 MAY: ASX to plunge as inflation fears trigger Wall Street rout | Growth aplenty as Plenti delivers positive cash NPAT for FY22 |

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    Danny’s View:  S&P 500 Finishes Lower After Choppy Session

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    Danny’s View:  Weak Retail Earnings Send The S&P And Nasdaq Down  Over 4%

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    Danny’s View:  ES Rallies 240 Points From The Low. How Much Gas Is In The Tank?

    Danny’s View: ES Rallies 240 Points From The Low. How Much Gas Is In The Tank?

    Taylor 3 Day Cycle – Polaris Trading Group

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    Danny’s View:  S&P 500 Is Gapping Into Upside Target. Now What?

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MrTopStep
Home Commentary

OP: Stock Market Fatigue Continues

Danny Riley by Danny Riley
April 20, 2021
in Commentary, MrTopStep, News
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OP: Stock Market Fatigue Continues
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Market Review

S&P 500 Futures Recap – Trade Date April 19, 2021

Chart by AMS Trading Group

Economic Calendar


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Chart of the Day

Small-Cap ‘Index Effect’ Lifts Domtar, Other S&P Entrants

Domtar Inc. is the latest example of how the “index effect” is alive and well for smaller U.S. companies. The paper producer gained 4.9% Friday after being named to the S&P SmallCap 600 Index, which it will join before Tuesday’s open. Domtar will be the 13th all-new entrant this year, according to data compiled by Bloomberg. The other 12 all rose on the first day of trading after their selection on anticipation that funds tracking the SmallCap 600 would buy shares. The group had an average first-day advance of about 11%, and Domtar’s was the smallest.


Our View

Stock Market Fatigue

Everything gets tired eventually. The S&P was up over 5.5% at its April highs, but the index has battle fatigue. 

Over the weekend, people worried that the big drop in Bitcoin would affect the S&P futures (ESM21:CME) adversely — but it didn’t.  The reason the ES dropped was becauseTSLA and Peloton were weak, bonds were weak, and professional traders are selling into the earnings reports even though the S&P is trading at new all-time highs. From my perspective, the S&P is well overdue for a pullback as stocks have acted fatigued this week. 

Traders have been comparing the S&P rally to the weeks leading up to the 1987 Crash and the 2000 Tech Bubble, but this rally is so much larger they pale in comparison. Additionally, the historical amount of liquidity being supplied by the Federal Reserve and the government stimulus programs have the markets melting higher. 

That said, investors are nervous..

When I spoke to PitBull today, he reiterated what he said last week: “Record highs on negative breadth and low volume is dangerous.”

He also said everyone is long on all the hot names. The big concern on investors’ minds going into earrings season is whether stocks’ high valuations are justified. As of last Friday’s close, 81% of S&P 500 companies that have reported first-quarter earnings have exceeded analysts expectations, while 84% have beat expectations for sales, according to FactSet.

There is a tendency for analysts to talk about slower growth, but as more people get back to work and the economy opens up, I think earnings growth will continue. A lot of optimism has come from the latest economic data, with retail sales for March being the strongest in 10 months. 

Can the markets keep going up? I believe so, but I also understand how far they have gone in the first 12 trading sessions of April. 

Our View: I am maintaining a bullish bias but that doesn’t mean “you” can’t sell the early rallies and buy the pullbacks. I just prefer the latter. 

As we all know, there’s no crystal ball when it comes to trading stocks, options or futures. But the Market Imbalance Meter may be as close as it comes. Knowing how the “Big Money” is placing its bets can give our trading room a big wave to ride — or a warning sign to stay out of the water. Come check it out now, risk free for 30 days.

Danny Riley is a 39-year veteran of the CME  trading floor. He ran one of the largest S&P desks on the floor of the CME Group since 1985.

As always, please use protective buy and sell stops when trading futures and options.

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Decisions to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS






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