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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
U.S. Stocks Close Little Changed But Dow Extends Winning Streak
Stocks saw modest strength throughout much of the trading session on Tuesday but gave back ground in afternoon trading to end the day little changed. The Dow still managed to close higher for the fifth consecutive session, reaching its best closing level in a month.
The major averages ended the day narrowly mixed. While the Nasdaq edged down 16.69 points or 0.1 percent to 16,332.56, the Dow crept up 31.99 points or 0.1 percent to 38,884.26 and the S&P 500 inched up 6.96 points or 0.1 percent to 5,187.70.
The modest strength seen for most of the stock came as stocks continued to benefit from renewed optimism about the outlook for interest rates.
Relatively dovish comments from Federal Reserve Chair Jerome Powell combined with weaker-than-expected job growth in April have largely eliminated short-lived concerns the Fed might actually consider raising rates.
Investors have instead grown increasingly confident about a rate cut in the coming months, with the chances rates will be lower by September now at 89.1 percent, according to CME Group's FedWatch Tool.
However, buying interest waned in afternoon trading after Minneapolis Federal Reserve President Neel Kashkari suggested interest rates may need to remain at current levels for an "extended period."
"I would need to see multiple positive inflation readings suggesting that the disinflation process is on track" before cutting rates, Kashkari said before the Milken Institute 2024 Global Conference.
Kashkari also said he could not rule out the Fed once again raising rates, calling the bar for hiking rates "quite high" but "not infinite."
Among individual stocks, shares of Disney (DIS) fell sharply even though the entertainment giant reported better than expected fiscal third quarter earnings.
Sector News
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Airline stocks showed a substantial move to the downside, however, with the NYSE Arca Airline Index tumbling by 2.7 percent.
Considerable weakness also emerged among computer hardware stocks, as reflected by the 1.1 percent loss posted by the NYSE Arca Computer Hardware Index.
On the other hand, utilities stocks turned in a strong performance on the day, driving the Dow Jones Utility Average up by 1.3 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1.6 percent and South Korea's Kospi surged by 2.2 percent, while China's Shanghai Composite Index crept up by 0.2 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index shot up by 1.4 percent, the U.K.'s FTSE 100 Index jumped by 1.2 percent and the French CAC 40 Index advanced by 1.0 percent.
In the bond market, treasuries moved modestly higher, extending the upward trend seen over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2.6 basis points to 4.463 percent.
Looking Ahead
Trading on Wednesday may be impacted by reaction to the latest earnings news, with several well known companies due to report their quarterly results.
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FOLKS THIS ALL YOU NEEDED TO KNOW! HISTORICALLY A GOOD SIGN THAT WE ARE AT OR NEAR A MARKET TOP = BULLISH MEDIA HEADLINES LIKE THIS. RECALL THE MARCH 10, 2000 TOP HEADLINE IN THE WALL STREET JOURNAL (BELOW) RIGHT AT THE TOP!
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