The Dividend Cafe - The DC Today - Wednesday, March 27, 2024

Episode Date: March 27, 2024

Today's Post - https://bahnsen.co/3TT4Scl Another generally positive day in markets with today marking the 99th consecutive trading day that the SP500 closed above its 50 day moving average. This has happened many times in history believe it or not, and certainly isn’t even half way to 1995’s run of 257 (back when I was graduating high school), but its impressive none the less. Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com

Welcome to the DC Today, your daily market synopsis of the Dividend Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. Hello and welcome to DC Today this Wednesday, March the 27th, and it's great to be with you here again today on another positive day in markets, generally speaking. Both stocks and bonds were higher. The 10-year actually closed a little lower, three, four basis points on the day. And stocks were higher.

And those things are all good. There's definitely part of the market that is getting stretched, as we've talked about or spoken about many times. But generally a good day in the markets. or spoken about many times, but generally a good day in the markets. Today was the 99th consecutive day that the S&P closed above its 50-day moving average. And that sounds impressive, but it's actually happened 20 plus times in history. So this isn't anything too out of the ordinary. The longest stretch of that, by the way, was in 1995 when I was graduating high school. It was above its 50-day for 257 days. So we're not even quite halfway what the mid-90s gave us there, but still, nonetheless, positive action in markets overall.

David had a nice section in there. It was about markets performance preceding and then following rate cuts. And it's a good point, which is, when you look in history, there's periods of time that both occurred. Markets were good leading up to the rate cuts, or markets were not as good or vice versa after the first rate cut. But generally speaking, it does tend to be a little more buy the rumor, sell the news in the sense that markets are forward pricing mechanisms. And so they move up in advance of something actually occurring. And so markets lead up into that first rate cut and then tend to do a little bit less

well just following it once that actually occurs. So today is actually going to be a little shorter day for me to record with you. Not a lot of economic news out on the day. So not a whole lot to report there. Tomorrow has definitely got more things going on with jobless claims. Looks like we've got jobless claims tomorrow, a revision of Q2 GDP out. So there'll be a little bit more to talk through tomorrow. And then of course, Friday, we'll have the PCE data, which will be the most widely watched news for the week.

I did mention, and I meant to mention it yesterday, but there was a tragic accident in Baltimore, in the Port of Baltimore, at the Scott Key Bridge, where a cargo ship has crashed into that. And it's kind of, for the time being, at least closed that area. And unfortunately, it looks like maybe some folks have lost their lives in the accident. But there is some economic relevance to that with just activity in that port, which is significant. So with these things, I'm going to actually let you go for the day. I do appreciate you listening, even though it was a little bit shorter and sweeter than normal. But thank you so much. And I will be back with you on DC Today tomorrow.

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