I'm getting an early start today before I head out the to cottage and reconnect with nature.
But... my 30+ year routine has not changed. Coffes 1st then pre market review.
So let's dig in..
The Nasdaq did the heavy lifting yesterday, climbing 1.30% to 26,206.89, while the Dow added 139 points to 52,487.44. The 10-year sits near 4.55%, and the VIX is still tucked under 16.
For all the noise out there, the market is not acting frightened.
Macro Pulse
Light data day.
Memory chips are on fire... Micron and Sandisk led another leg higher, and SK Hynix makes its US trading debut today after an offering that came in seven times oversubscribed. Asia noticed. South Korea's Kospi jumped 4% overnight.
Meanwhile the latest US-Iran flare-up got shrugged off as tankers kept moving through the Strait of Hormuz and oil eased back. I've watched markets climb a wall of worry for three decades now, and this is what it looks like.
Just remember what is underneath it: Chair Warsh held rates at 3.50 to 3.75%, kept a hawkish tone, and June payrolls came in soft at 57,000.
Stock Highlight
JPMorgan (JPM). The big banks kick off the main earnings wave next week, and this is the one I'd watch as a tell for the whole group. It is not a yield story... the payout runs around 1.8%. It is a quality story.
Fourteen straight years of dividend increases, an annual payout lifted to $6.00 a share, and a Q1 that grew revenue 10% and net income 13%.
Management did trim its full-year net interest income guidance, so listen closely to what they say about that next week.
JPM is the sort of name you own for the balance sheet, not the fireworks.
Here's my scan of JPM using TheStockAnalyzer.ai
(I built TheStockAnalyzer based in my own tried and true setups, that I've used for over 30 years. I share it, and it's free)
Best
-Greg
I've been a Porter Stansberry fan for years!
You should watch this ASAP
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