Several portfolios that were released in April posted equity peaks once again today. The One Million MNS was up 1.7% while the 250K Portfolio managed accounts were up +$3,475. The Stock Index Portfolio 18 was up +$7,822.50 today.
Last Friday we discussed the inflection point in the market and anticipated a reversal or accelerated selling. We were prepared to take long or short trades. The reversal long trades this week generated some nice gains.
There were some strong moves from earnings.
PCE inflation report was hotter than expected but it was dismissed by the market in favor of tech earnings.
The liquidity remains the biggest fundamental. There are many times the inflection points and points where we have seen accelerated selling in the past have become liquidity long entry points that drive the market higher. Price is the biggest indicator, and we prefer to trade in the direction of price action.