May 7, 2024
Mish's Daily
By Mish Schneider
The choices we make as consumers collectively shape the economic landscape, and our spending patterns influence the well-being of our communities and the nation.
And Granny Retail XRT always has a lot to say about the consumer and the markets.
What does the chart tell us about the state of the economy and the markets?
With our comments this week on how transportation IYT is a laggard, XRT is doing ok.
BUT
XRT failed to hold the 50-DMA.
While XRT is above the January 6-month calendar range high, it is underperforming the benchmark.
Plus, real motion shows no divergence, so that tells us XRT can climb higher from here.
However, we must also watch for the recent rally to run its course, forcing XRT back down to test lower levels.
Most importantly, is that oil and gas levels have come off from their highs, which helps of course. But can that last?
Consumer confidence is lower than it has been.
Interest rates on housing are high, and prices are not dropping.
Plus, shelter costs have risen.
Watch XRT carefully this week.
That should tell us very quickly and reliably what the next big move in the market is.
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Mish in the Media - Want to see more? All clips here
Business First AM Mish covers 3 top areas to watch and gives a stock pick up over 10% today! 05-06-24
Stockpick.app Weekly video Mish covers the economic modern family, natural gas and gold 05-06-24
Financial Sense with Jim Pupluva Mish and Jim talk about the cost of AI on the already short supply of many raw materials 05-04-24
Benzinga Market Prep Mish is there for the jobs report and gives you an action plan Starts at minute 27:49 05-03-24
Real Vision The Daily Briefing Maggie Lake and Mish discuss inflation, stagflation, May seasonal, stock picks and much more 04-30-24
BFM 89.9 Malaysia THE MAGNIFICENT 7 ARE NOW THE FANTASTIC FOUR Mish tells us how much of a divergence are we seeing in terms of performance and why these results still matter in spite of the Fed keeping pat on rates. 04-26-24
FOREX ANALYTIC Mish sees opportunities in commodities amid concerns over stagflation 04-25-24
Coming Up:
June 13th MoneyShow Virtual Expo -Topic Stagflation Survival Guide: Building Wealth Amid Economic Challenges
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Weekly: Business First AM, CMC Markets, and new to us-stockpick.app
ETF Summary
S&P 500 (SPY) Confirmed the bullish phase if holds the 50-DMA
Russell 2000 (IWM) Confirmed the bullish phase if holds the 50-DMA
Dow (DIA) Confirmed the bullish phase if holds the 50-DMA
Nasdaq (QQQ) Confirmed the bullish phase if holds the 50-DMA
Regional banks (KRE) Through 50.50 compelling
Semiconductors (SMH) Confirmed the bullish phase if holds the 50-DMA
Transportation (IYT) 63 support 67 resistance -still relatively weak
Biotechnology (IBB) 128-135 new range to watch
Retail (XRT) 71.50 support 75 resistance
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 77.00 now must hold (50DMA)
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