Photo:Greg Schnell – Crossing the Panama Canal.
Another week where the indexes moved sideways and we are where we started the month on the $NDX. I am not excited that we keep having low volume days. Even with JPM earnings coming out strong today, we recorded the lowest volume going back to August 2022 other than the Thanksgiving holiday period.
The $SPX perked up a little more and closed up 0.69% on the week with a low volume day again. The indexes have been hard to follow with a lot of moving parts under the surface, yet they hold flat. The $SPX also recorded a very low volume day on Monday ( black horizontal line) and Friday wasn’t a whole bunch better.
However, one industry that seemed to really float above the market was marine transportation. It has been drifting for a while, but it really started to fire up the engines this week. Check out Maersk.
Looking around for other names related to marine transportation, this sudden spurt on GSL, Global Ship Leasing, was pretty interesting as well.
I actually found twelve companies in related spaces to ocean freight that had big weeks. Could this be the start of freight picking up speed? That’s a real positive if it’s true. I don’t have any knowledge about what is floating on the boat, but it might be a good time to get onboard these shipping stocks. Here’s another view while going through the Panama Canal.
Regards,
Greg Schnell, CMT, MFTA