Closing Market Report: Feb. 1st, 2024

80 S&P points down yesterday and 60 points up today. One could argue volatility has returned to the market. Today, shorts were covering all day ahead of the jobs report.

After hours, Amazon and Facebook/Meta are reporting "better than expected" earnings. So far, both stocks are jumping on the news. I will reserve judgement until tomorrow. Apple earnings are usually delayed so I will discuss those tomorrow morning.

Today's close round-tripped back to the FOMC high from yesterday:

As of yesterday's close there are now five Hindenburg Omens on the Nasdaq - the most since the Tech all time high in December 2021.

Why that's bullish is not for me to say. The good news is that we could have at least two stocks higher tomorrow. Which is all you need these days.

Carefully.

NY Community Bank continued its totally ignored meltdown today.

Commodities breaking bad