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Last week we said that stocks could move higher, but if they are going to, they better hurry up. Since we wrote that, the market has essentially gone nowhere. It dropped several percentage points early in the week, only to recover the past couple of days. In other words, the indexes are going nowhere, fast.
There continues to be a growing disconnect between the poor Q1 results companies report and their stock prices. Intel reported their largest loss ever and it was as if their stock price was shot out of a cannon this morning. Their executive team may want to consider not even trying and seeing if that won’t send their stock price soaring to all-time highs.
Homebuilders report fewer homes being built and even fewer being sold, yet their stocks are selling around all-time highs. And just this morning it looks like yet another regional bank out in Silicon Valley may be going bye-bye unless their buddies can bail them out, and fast. Our question is: “How many more banks will follow?” Our next question is: “Do we really want to know the answer?”
With all the headwinds forming, we remain impressed stocks are holding up as well as they are and still believe that big tech can push the market a little higher. But, and this is a big but, we continue to see subtle divergences under the hood that may place a ceiling just above current levels. Then what?
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