Stocks wobble to start the week: too early to say "no gas left in tank." But, this is a maturing rally at 19 weeks and +26% gains.

The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

VIDEO: This is the first time in awhile that stocks fell on "good news" -- yields fell, and stocks down.  We know there is a lot of important macro in coming days including Fed Chair Powell testimony to Congress, the Feb jobs report and Feb CPI (duration: 4:00).

The video in this report is only accessible to members
The video in this report is only accessible to members

The video in this report is only accessible to members

Equities are wobbling this week, with a 1.0% decline on Tuesday. The losses are broad as the Nasdaq $QQQ was down -1.7% and Dow Jones -1.0%. Small-caps fared relatively better down a more modest -0.96%.

The two most recent -1% decline days in 2024 were:- 1/31 -1.6%- 2/13 -1.4% When those declines happened, the "habitual top callers" proclaimed the end of the up move. And we know in each of those cases, those dips were bought and markets went on to make new highs.  Mark Newton, Head of Technical Strategy at Fundstrat, says that the key level on the S&P 500 is 5,057. And breaching this level would signal the possibility of a 2-3 day decline, possibly more. And at the moment, the S&P 500 is a touch above that. So, the technical picture remains mostly constructive. I am inclined to be in that camp as well. That there is still "gas in the tank." But to me, there are two things to be mindful as we wat...

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