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Daily Close

Friday’s miss in the US payrolls report , coupled to a weaker wage growth and a drop in the participation rate initially caused a sharp selloff in stocks, which sent the S&P below its 200dma.  However, stocks rebounded from there and the very fact that the 200dma breach was rejected led to a furry of short covering...The second market saver on Friday was the announcement that Berkshire had bought a good chunk more of Apple shares over Q1 which sent aapl shares 3% higher, bringing all tech and fang stocks along with them...We’ll hear what W. Buffet has to say over the week end as well. The dollar strengthened again vs. EUR while Turkey and Argentina remained marred in currency troubles. The Argentina’s peso only stabilised after the central bank raised rates to a punitive 40%. The biggest short squeeze since Brexit allowed US stocks to close the week unchanged and European indices to add to their strong weekly gains, supported by dollar weakness and “delayed” tightening expectations by the ECB, after inflation data “disappointed”. The squeeze in stocks was a welcome development, much more so than another confirmation that the US economy is in late cycle and probably closer to recession than most investors are led to believe. While the personal consumption expenditures price index, reached 2% in March on a 12-month basis after staying below that level for most of the last six years, Bill Dudley, the departing New York Fed President said it was  too early to ‘declare victory’ on inflation, reinforcing the post FOMC meeting impression that the Fed will let inflation go further without overreacting... which alleviated Fed tightening fears ahead of the week end.

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