LEIBOVIT VR NEWSLETTERS – WEDNESDAY – MAY 22, 2024

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https://www.howestreet.com/2024/05/is-it-time-to-sell-in-may-mark-leibovit/

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DO YOU THINK ALL THE RECENT NATURAL DISASTERS ARE COINCIDENCES?  MAYBE NOT IF YOU READ THE WORK OF BILL KOENIG.

WHO IS MARK LEIBOVIT?

MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS  a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.

Mark’s extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”.  He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell’s MoneyTalks.

In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked  #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.

He was a ‘Market Maker’ on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms.  Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com.   He became a member of the Market Technicians Association in 1982.

Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.

His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading.  It is now also published in Chinese.  Mark has appeared in speaking engagements and seminars in the U.S. and Canada

Panting dogs, panting dogs!  Waiting for Nvidia on Wednesday!   What a joke! The whole market waits for one stock.  That in itself is a danger sign.  Full Moon ahead.  Top may be in sight!

 

Nasdaq, S&P 500 End Choppy Trading Day At New Record Closing Highs

Following the mixed performance seen in the previous session, stocks showed a lack of direction throughout much of the trading day on Tuesday. Despite the choppy trading on the day, the S&P 500 and the Nasdaq reached new record closing highs.

The major averages spent the day bouncing back and forth across the unchanged but moved to the upside going into the close. The S&P 500 climbed 13.28 points or 0.3 percent to 5,321.41, the Nasdaq rose 37.75 points or 0.2 percent to 16,832.62 and the Dow edged up 66.22 points or 0.2 percent to 39,872.99.

The lackluster performance on Wall Street came as traders took a step back to assess the recent strength in the markets.

Renewed confidence the Federal Reserve will lower interest rates in the coming months has contributed to the advance, but recent comments from Fed officials have once again created some uncertainty.

While the likelihood rates will be lower by September remains high, the chances have fallen to 78.3 percent from close to 90 percent last week, according to CME Group’s FedWatch Tool.

Another quiet day on the U.S. economic front may also have kept some traders on the sidelines ahead of the release of the minutes of the Fed’s latest monetary policy meeting on Wednesday.

The minutes of the April 30-May 1 meeting may shed additional light on Fed officials’ thinking with regard to the outlook for rates.

Among individual stocks, shares of Peloton Interactive (PTON) moved sharply lower after the
exercise equipment and media company announced a global refinancing that includes an offering of $275.0 million worth of convertible senior notes due 2029.

Auto parts retailer AutoZone (AZO) has showed a notable move to the downside after report better than expected fiscal third quarter earnings but weaker than expected revenues.

On the other hand, shares of XPeng (XPEV) surged after the Chinese electric vehicle maker reported fiscal first quarter results that beat analyst estimates on both the top and bottom lines.

Sector News

Reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves.

Airline stocks showed a significant move to the downside, however, with the NYSE Arca Airline Index falling by 1.8 percent.

Notable weakness was also visible among networking stocks, as reflected by the 1.2 percent loss posted by the NYSE Arca Networking Index.

The index pulled back off its best closing level in over three months amid a steep drop by Palo Alto Networks (PANW), which came under pressure after the cybersecurity company forecast fiscal fourth quarter revenues and billings toward the low end of analyst estimates.

On the other hand, tobacco and banking stocks saw some strength on the day, driving the NYSE Arca Tobacco Index and the KBW Bank Index up by 1.3 percent and 1.1 percent, respectively.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan’s Nikkei 225 Index and China’s Shanghai Composite Index dipped by 0.3 percent and 0.3 percent, respectively, while Hong Kong’s Hang Seng Index dove by 2.1 percent.

The major European markets also moved to the downside on the day. While the French CAC 40 Index slid by 0.7 percent, the German DAX Index and the U.K.’s FTSE 100 Index edged down by 0.2 percent and 0.1 percent, respectively.

In the bond market, treasuries regained ground following the pullback seen over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slipped 2.3 basis points to 4.414 percent.

Looking Ahead

The minutes of the Fed’s latest monetary policy meeting are likely to be in focus on Wednesday, while a report on existing home sales may attract attention earlier in the trading day.

Nonetheless, trading activity may remain somewhat subdued ahead of the release of quarterly results from Nvidia (NVDA) after the close of trading.

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Here is a copy of the Federal Reserve Abolition Act proposed by Sen. Massie today. It includes a one-year transition from the date it passes, assets are folded into the Treasury  and a progress report is to be given to Congress in 18 months. It’s time to end the Fed!

https://massie.house.gov/uploadedfiles/endthefed.pdf

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