News:
On Monday, markets opened near flat and ended near flat.
The indexes closed mixed…
- Dow Jones +0.2%
- Nasdaq -0.3%
- S&P 500 +0.1%
- Russell 2000 -0.1%
The theme of boring continues to rule the market, which ultimately favors the bulls.
Image from iStock
Of all the listed stocks, the divide was down the middle … 48% gained while 48% declined.
Sector Round Up
The sectors followed suit … of the 11 sectors in S&P 500, 6 finished higher, 5 lower.
Once again, only one changed by more than 1%.
At the top…
- Energy (XLE) +1.5%
- Materials (XLB) +0.7%
- Healthcare (XLV) +0.6%
At the bottom…
- Real Estate (XLRE) -0.3%
- Technology (XLK) -0.4%
Notable Names
First Republic Bank (FRC) rose 12% during yesterday’s session ahead of its earnings call. After it released Q1 results, its stock plummeted more than 20%.
- During the banking crisis, its deposits fell by $1 billion or 40%
- Shares of the bank are down 90% from the beginning of March
- Restructuring is in the works … Expect layoffs and cuts to executive pay
Image from APMEX
Google searches “how to buy gold” have an all-time high, according to a Wall Street Journal report.
- For buyers of the world’s oldest wealth-protecting asset, 1 OZ will cost about $2,000
- We’ve used APMEX for gold purchases and would recommend
- For portfolio exposure, consider the ETF Gold Shares (GLD)
Technicals:
The VIX has established 18 as the key level to watch…
VIX Daily Candles – Chart by thinkorswim
When the fear gauge tried to move higher, the increase was firmly rejected.
As long as resistance holds and the VIX continues to move lower, the bulls will have the upper hand.
We are reiterating our bullish outlook.
Here’s our latest reading…
- RSI levels are neutral
- The Put-to-Call Ratio is neutral
Timing:
The end of April will usher in the end of the best six months…
Since 1950 the Dow Jones has returned an average gain of…
- +8.8% from November 1 to April 30
- From May 1 to October 31, the average return is -0.4%
- It’s time for seasonal swing traders to begin looking for exits
Watchlist:
*Low Float
^Open Position
*ARBB on watch
EYPT on watch
TMDX support at $80
SONM support at $1
IDYA support at $18
TNYA support at $4
SA support at $14
VKTX support at $20
TDUP support at $2.60
OCUL support at $6
^EMAN support at $2, resistance at $2.40
CBAY support at $10
Secondary watchlist—float 100+ million
^IOT support at $21, resistance at $22
TIO resistance at $4
IRDM support at $65
XERS support at $2.20
TGTX support at $22
RIOT support at $10
HIMS support at $10
LEGN on watch