Morning Comment: Omicron, Manchin ?, Turkey, and Micron (yes, Micron).

We have been saying recently that we believe the biggest headwind facing the markets right now is the significant change in policy by the Fed. However, there is little question that the larger drop in the futures this morning is due to the increase in the renewed lockdowns around the globe because of the jump in the spread of the omicron variant (and concerns that we could see renewed lock downs in the U.S.).

Yes, some blame is being focused on Senator Manchin’s decision not to vote for President Biden’s Built Back Better program, but it was becoming very obvious by mid-week last week that this was going to be pushed into next year, so this issue is having a much smaller impact than some politically oriented people would like to portray.

To be honest, we think the crisis in Turkey is probably having a bigger impact on the global stock markets than the political situation in DC…as the currency crisis in that country is quickly becoming a financial crisis. (The 12% decline in Turkey’s stock market over the past two days is throwing a wrench in the works for those who try to say that stocks are a great hedge against inflation.)

That said, we still believe that the shrinking “punch bowl” will give the U.S. market the bigger headwinds in 2022, but either way, it looks like this holiday shortened week is going to be another volatile one for the stock market. This morning’s weakness is going to take the S&P 500 Index below its 50-DMA, but as we’ve highlighted several times recently, we don’t see the 50-DMA as a very important support level right now. Therefore, if it breaks that line, it won’t be a big concern for us. The more important level is the early December ...

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Morning Comment: Is Tesla the canary in the coal mine?

A lot of focus this morning will be on the inflation data…when the CPI number (Consumer Price Index) comes out at 8:30. There are some people who believe we’ll get some relief this month…for reasons like the fact that oil ...

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THE WEEKLY TOP 10


If you would like to get comments like these each weekend...and get a daily note on the short-term term aspects of the broad market, different sectors and specific stocks, please click here to subscribe to The Maley Report.


THE WEEKLY ...

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Morning Comment: Dallas/Dynasty/Yellowstone/Sucession


Over the Thanksgiving weekend, we ran into a couple who had moved away from New England several years ago, but were back visiting family. We were not close to them, but they are fabulous…people and for some reason I always ...

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Morning Comment: Don't Fight The Fed


Well, it looks like we need Emily Litella back today…so that she can say, “Never mind” once again. It looks like we’re going to see a fourth day in a row where the stock market moves in the exact opposite ...

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Morning Comment: As Emily Litella used to say, "Never mind."


Back in the early days of Saturday Night Live (when the show was actually called just, “Saturday Night”…which most people don’t know), the brilliant comedian, Gilda Radnar, did a repeating skit playing the character of Emily Litella. That’s right, before ...

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THE WEEKLY TOP 10......Bear market in 2022.

Since we have a number of new readers, we want to reiterate that we try to offer items from both sides of the bull/bear ledger each weekend. Therefore, some of our comments conflict with one another. However, we still give ...

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THE WEEKLY TOP 10


THE WEEKY TOP 10


THE WEEKLY TOP 10


Table of Contents:

1) The impact of “gamma” and “dynamic hedging” could indeed create a “melt-up” into year-end.

2) Great earnings season, but they are a long way from catching up to ...

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Morning Comment: Bitcoin drop (not a problem).....Potential FB breakout



We had relatively quiet day in the stock market yesterday, as the big three averages finished the day pretty much unchanged. We did, however, see a large move in the bond market. The yield on the U.S. 10yr Treasury note ...

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Morning Comment: Walmart & Target stand at key technical junctures.



The stock market took a little breather last week, but given how strong the rally was off the October lows, it was barely a blip on the radar screen. What does this mean? Is it telling us that the market ...

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Morning Comment: DIS is Breaking Support.....Thank You Veterans!

The stock market saw a bit of a pullback yesterday, but the decline came on average volume and breadth that was not all that bad. (Just 1.5 to 1 negative on the S&P 500 Index.) Therefore, it was not a ...

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Morning Comment: Nvidia (NVDA) is extremely overbought near-term.

The situation right now is ABSOLUTELY RIDICULOUS!!! No, we’re not talking about anything in the financial markets. We’re talking about college coaching. Right now, the is over $500 million in dead money for Division 1 college coaches. In other words, ...

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