https://www.howestreet.com/2024/07/is-it-time-to-take-defensive-investment-positions-mark-leibovit/
NEXT PODCAST THURSDAY EVENING
U.S. Stocks Finish Choppy Trading Session Little Changed
Stocks moved to the upside early in the session on Monday but showed a lack of direction over the course of the trading day. The major averages spent the day bouncing back and forth across the unchanged line after posting strong gains last Friday.
The major averages eventually ended the session narrowly mixed. While the Dow edged down 49.41 points or 0.1 percent to 40,539.93, the Nasdaq inched up 12.32 points or 0.1 percent to 17,370.20 and the S&P 500 crept up 4.44 points or 0.1 percent to 5,463.54.
The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy meeting this week.
While the Fed is widely expected to leave interest rates unchanged, traders will be looking to the accompanying statement for additional clues about a possible rate cut in September.
According to CME Group's FedWatch Tool, there is currently an 89.6 percent chance the Fed will lower rates by a quarter point in September and a 10.1 percent chance of a half point rate cut.
Later in the week, the focus is likely to shift to the Labor Department's closely watched monthly jobs report for July.
Earlier in the day, stocks benefitted from optimism ahead of the release of earnings news from several major technology companies.
Microsoft (MSFT), Meta Platforms (META), Apple (AAPL) and Amazon (AMZN) are among the companies due to report their quarterly results this week.
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 tumbling by 2.4 percent.
A steep drop by the price of crude oil also weighed on energy stocks, dragging the Philadelphia Oil Service Index and the NYSE Arca Oil Index down by 1.6 percent and 1.0 percent, respectively.
Financial and computer hardware stocks also saw some weakness, while networking stocks saw notable strength, driving the NYSE Arca Networking Index up by 1.0 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index surged by 2.1 percent, while Hong Kong's Hang Seng Index jumped by 1.3 percent.
Meanwhile, most European stocks moved to the downside on the day. The French CAC 40 Index slumped by 1.0 percent and the German DAX Index fell by 0.5 percent, although the U.K.'s FTSE 100 Index bucked the downtrend and inched up by 0.1 percent.
In the bond market, treasuries saw modest strength as traders looked ahead to the Fed decision later this week. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.2 basis points to 4.178 percent.
Looking Ahead
Trading on Tuesday may be impacted by reaction to reports on home prices, consumer confidence and job openings, although activity may be somewhat subdued ahead of the Fed announcement on Wednesday.
On the earnings front, Merck (MRK), Pfizer (PFE), Procter & Gamble (PG) and JetBlue (JBLU) are among the companies due to report their quarterly results before the start of trading on Tuesday.
OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
Yes, that's a cartoon of me. Louis Rukeyser had us dressed up in 'elf' costumes on the screen broadcast each week. I've dated myself. That occurred for me between 1988-1996. Lou didn't like any bearish comments, so myself and other elves got dumped in 1996.
WHO am I?
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.
On LFTV Maguire uses Comex price charts to show Fed's interventions at options expiration
In this week's edition of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire shows with Comex price charts how the Federal Reserve has been intervening to knock the gold price down in advance of futures option expiration dates.
Maguire adds that India is not only repatriating gold from the Bank of England but also trying to repatriate gold from the Federal Reserve Bank of New York. The latter move, Maguire says, may cause a big problem insofar as the New York Fed may no longer have the metal on hand and may have to go into the market to get gold for repaying India.
BRICS countries, Maguire says, are eager to acquire gold in anticipation of the launch this year of a gold-backed trading currency.
The program is 49 minutes long and can be viewed at YouTube here:
https://tinyurl.com/bdhaan2e
Good news against the liberal socialist communist media:
https://tinyurl.com/mtxj3pcv
Another Bull Trap in progress!
DANGER DANGER WILL ROBINSON
WHO HAS BEEN CORRECTLY PREDICTING BLACK SWAN TYPE EVENTS?
CAN YOU COUNT THEM ALL? HOW MANY ARE AHEAD? YOU CAN ADD KAMALA HARRIS AS ANOTHER ONE!
La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.
https://tinyurl.com/msfk2je9
WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s. The film producer of the film (an old friend) makes a cameo appearance in the film.
https://www.disclose.tv/roswel
Why am I highlighting the Michael Savage book? Unfortunately, it tells the story of the mental illness of the Democratic party and followers of their insane beliefs of our society, our laws and communist underpinnings.
I USE JOEL WALLACH'S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
COME ON, DAD. IT'S TIME TO EAT
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