The Lund Loop Daily Update - 04/10/23
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We’re saw some real resiliency in the market today. After gapping down at the open, 3 out of 4 of the major indexes closed at or above the highs (green line) from Thursday, as we were closed Friday.
More importantly, The Russell 2000 (IWM) is out-performed today as the beaten down bank sector is got a bit of a bounce.
However, there could be some volatility ahead as it’s a big week for data with both the CPI and PPI numbers - as well as the Fed minutes - on tap.
What I would like to see is a muted reaction to all of these, which I think would be a sign that we are getting back to a normal, healthier market environment.
Oh by the way, we NAILED Schwab (SCHW) today, which was up almost 6% intraday.
For more on today’s action, check out the ‘Daily Update’ video below.
Market Snapshot
Sectors: 6 out of 11 sectors were UP.
- Winner: Industrials +0.90%
- Loser: Communication Services -0.69%
Daily Update Video & Watchlists
Charts of interest: AAPL 0.00 USO 0.00 DVN 0.00 LVS 0.00 NFLX 0.00 TSLA 0.00 PTON 0.00
Note: The cash tags above are a new feature for Substack and the quotes still look a little wonky so refer to the prices in the ‘Daily Update.’
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Click the links below for the ‘Daily Update’ video and to view the current watchlists & setups.