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Thursday, March 2, 2023

Today's Market Update

 Feels like Groundhog Day - the movie - when the market continues to chug endlessly sideways.  

I watched the opening of CNBC World Wide Exchange, this morning, and even they were reporting that the market can't find a direction.  

This morning we see Europe down, and the $SPX down, yet the Dow is positive? 

If you recall, the Dow, and Chinese stocks, led this rally, so there's something going on there. 

Checking some Dow components 

Dow Jones Futures Rise: Tesla, EV Chip Plays Tumble After Investor Day; Salesforce Stock Soars 

"$CRM stock is a Dow component."

I guess that would explain it! Although I'm a little surprised big tech wouldn't be weighing the index down?  The $INDU (dow) is made up of 30 names, after all. 

Thumbing through some Dow (component) charts: 

1. I'm not going to reveal the chart, but one name to watch is Intel $INTC

In fact I would be a buyer of Intel right here! Need a solid chart, with targets and timelines? $29.95 - and I'll even throw in my $VIX charts, for the rest of the month, in order to help keep you on the right side of the broader market. 

2. Walgreens Boots Alliance ($WBA) Testing 2006 support. Yeah, it's boring, but it's safe, and it pays a 5.45% div. Long term buy and hold imho 

3. Proctor & Gamble ($PG) is another obvious choice, and I got plenty more buy and hold stocks, if that's what you're looking for. 

Treasury Yields 

 Here's something the cable networks like to constantly report, "Treasury Yields". 

I'm not sure why, other than the fact that the bond vigilantes continue to price in the risk of higher interest rates? I just don't get the fascination with treasuries, and don't even see a trade there. Who cares...? 

Anyhow, when you see CNBC report this for the 100th time, you know it's all priced in. 


2-year Treasury yield reaches highs not seen in more than a decade cnbc 

Natural Gas 

This has been the only bright spot in the market over the past few days, and to be honest, I caught a good part of this rally, and did alright on it. 

I have NatGas targets if you need them, but those are going to cost you $99, for the rest of March. 

I do think this rally has legs, but this is only the first leg up. It's too soon to pick upside targets, and there's always the risk of a double dip ( a retest of the lows). 

As I explained a couple days ago, Natural Gas rallied into contract expiration, so you can't really trust the action. 

Feb. Ended with the bears losing, and that's about all you can say about it. 

Short term Nat Gas futures continue to trade into a little triangle pattern, and the bulls betting on a $3 target. Seems plausible, as I tweeted yesterday. 

NatGas - Real time - market futures 

20 min. before the opening bell 

Take Care, AA 


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