Morning Market Review: Jan. 29th, 2024

The market opened the week flat. Banks are leading, Energy is lagging.

Notable new 52 week highs, Meta (Facebook) which reports earnings on Thursday. Last night I profiled Microsoft and Google which report on Tuesday. After they report, I will be profiling Apple, Meta and Amazon which report Thursday.

Today Apple is down almost one percent.

As I posted on Twitter this morning, the market is peaking in conjunction with Tech earnings and FOMC. This is what happened a year ago at the end of January and again at the end of July. Each peak is exactly six months apart. Coincidence? Statistically, the odds of a market peaking in conjunction with disparate events that are on three month (earnings) and six week (FOMC) time cycles, is almost zero in a random distribution.