Here is the FindLeadingStocks.com morning report.
Good Morning Team,
- More Weakness: Futures were higher last night but turned sharply lower after the 10-year yield topped 5% for the first time since 2007. In M&A News, Chevron Will Buy Hess For a $53 Billion All-Stock Deal.
- 10 Year Yield: This is super overbought. There is no rule that says it can't get more overbought. But for now, odds are this will eventually pullback. When it does, stocks can easily rally because they are getting oversold.
- Market In A Correction: Remember, the market is back in a correction and we need to see a new rally attempt begin (market to go up) and then we want to see a new follow-through day (FTD) show up (a rally of 1.3% or more on heavier volume than the prior session, plus a new batch of leaders breaking out of sound bases.
- Earnings Bonanza: We have a slew of earnings set to be released this week. As always, I want to see the numbers but also how the market reacts to the numbers. I will be tracking the stocks that gap up and rally and the stocks that fall to find strength and weakness during earnings season.
- Week Ahead:
1. Wednesday: New Home Sales, Building Permits, & Fed Chair Powell Speaks
2. Thursday: Q3 2023 GDP & Pending Home Sales
3. Friday: September PCE Inflation data
Next week we have the always fun Fed meeting (Oct 31-Nov 1).
Have a great day!
Adam Sarhan
Founder: FindLeadingStocks.com
