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Were red now across the board as we show you where the major averages are down. The s p down about 1. 5 . Josh, i turn to you. A lot of hurdles to get over were watching texas and florida. The banks are under pressure because of the regulations from the fed about dividends and buybacks you have the nike news with the big miss off its earnings. You have a Tall Mountain to climb today. Yeah, i agree with you. Theres a lot of stories swirling around right now and most arent feel good for stocks the big story is the virus and its resurgence. I think thats the only thing that matters to market right now. You see it in whats working and whats not sometimes things are complex right now things are simple. Dollar tree, costco, clorox all look outstanding now even the stocks that went vertical given those vertical moves they are hanging very high and thats really impressive. They are not even pulling back for a consolidation in any significa ....
So u no, i get that most of this is overseas, but Credit Suisse is down 45 , and bank of america 20 , and Deutsche Bank as well down. And yes, we saw jamie dimon with his bottom, and we call it the unbelievable buy. And we had greater p for mans, and people were anticipating because of the job owning we would see the rate hikes coming along and then you see the steepening, well, obviously, it looks like june is off of the table, and because of that, the last couple of days since janet spoke, you could watch the financials and see how they react. And doc, no relief in sight today, because the fed is not giving any help to the financials. The wrap on the large banks that make up the index is simple. These are companies that should pay bigger dividends and you should expect less from in terms of the growth, and really no reason to own them unless you think that there is an imminen ....
Brown and john spalen zahny, chief macrostrategist with cig group. And spurred today by a blowout jobs report, many big stocks are on the move this hour continuing what has been a great quarter, and, josh, its been tech. Techs the best performer in the quarter. I mentioned all of the sectors that are ripping. Stocks like microsoft at levels not seen since january of 2000, nvidia, highest level since 1999. Yeah. Well, the last to break out, but certainly making up for that. Look at the xlk, the tech sector, s p circuit spider. Whats important here is, its slightly overbought. Shortterm rsi. About 73. Could see a little bit of a pullback there, but momentum is a positive thing. Not a negative thing. Turning our attention to the ndx name, 71 of the nasdaq names above the 200day moving average. Go back a full year to find that. The difference between now and last summer, accelerating. Last summer, that percentage was tapering off. Breadth is expanding. Leadership names are acting like lead ....
Biotech is down 3 . A lot of this is politics and the unknown there but also these stocks were super, super great performers over the last five, six, or seven years and i still think theyre pretty overowned so i think that you can actually, based on the bull packs, i think you can start to look at some of the bio techs and i do still think you juan to find special situation stories. Either new management teams or companies that have gotten hit really hard from currency so im kind of looking at Something Like an abbott labs. A back administer. At a United Health care im not in a rush to buy the bio techs until we get more clarity these are the poster children for the move from growth into value. It condition be all about politics. Yes, Hillary Clintons tweets may have started the clyde but it cannot be all about politics ....
And now were seeing the reality of that. The meeting is april 17th. So youre going to have continue positive momentum build into that. The Investment Community is underinvested in terms of Energy Equities. Think about what the mentality was in january and february and the actual trade we align with so we have many that own the high yield debt in the energy space and used Energy Equities as insurance and they were natural sellers of that. They have been buying back all along since february and march. Josh xle today is up nearly 3 as we look at it and you own it. And this is the anatomy of a bottom fishing trade that works. We continually on this show look at the stocks acting better than the commodity itself. The stocks bottom january 20th and crude oil doesnt bottom until 2 or 3 weeks later in february. Now you h ....