There has been a little of everything in the past two weeks, from a five-day wipeout in the previously loved semiconductor industry, taking out almost 10%, to a massive rally in the heretofore hated small-caps, adding 11.5%. We've also seen a number of breadth thrusts, which usually occur at the beginning of a new uptrend, as well as a breakout to minor all-time highs for gold. There was also the attempted assassination of former president Trump. Finally, this morning brings news of a global technology outage and, of course, more earnings news. Thursday could have been worse if not for some late buying that pushed the indices off recent pullback lows. The S&P 500 lost 0.8% and is down 2.2% over the past two days, but found intraday support yesterday from its 21-day exponential average -- just as it did during the minor pullback in late May. The greater damage has been elsewhere, with the Nasdaq giving up 4.2% over the past six days and the Nasdaq 100 (QQQ) down 4.7% over the same period. Both have given up their 21-day exponential averages for the first time since April, but neither has broken their prior closing low from June 24. Their uptrends off the lows since April have given way on a minor basis and the 21-day rate-of-change for the QQQ has dropped into negative territory. In addition, we have seen minor and bearish 5/13 exponential moving average crossovers for the Nasdaq and the Nasdaq 100. Because of the size of the mega-cap rallies since early 2023, we think there is a greater probability that the current pullback could last into August and September, which is generally a weak seasonal time of year for stocks. (Mark Arbeter, CMT)

Enterprise Products Partners L.P. is a North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. The partnership's assets include over 50,000 miles of natural gas, NGL, refined products, and petrochemical pipelines; 260 million barrels of storage capacity for NGLs, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity. The company completed its IPO in July 1998.

Stock markets are muted today. Certain financial press headlines have focused on a weak manufacturing report as reason for the Federal Reserve to cut interest rates -- but there has been no significant response in overall share prices. Some stocks on the NYSE showed massive losses earlier in the session, but the drops were attributed to a technical glitch at the NYSE that has since been resolved. The yield on the 10-year Treasury note is down nine basis points to 4.42%, oil is down 3% to $74 per barrel, and Bitcoin is up 1%.

Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the Lower 48 states. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.