April 11, 2024 review: The market remains cautious.

Although the market did not follow the joking rule from last night to have another broad rally today, it's still good that it didn't continue to decline. Looking at individual stock data, gains and losses were split evenly today—a chance to catch our breath.

The indices were quite volatile today. Overnight U.S. data led to a lower open, but news of a temporary suspension of short selling at noon triggered a sharp rally. By 2:30 PM, reports of a resumption caused a pullback into the close! The indices remain cautious for now.

Today’s themes weren’t the concentrated "group rally" type but rather scattered, with big consumer sectors, AI/media, and nuclear pollution prevention leading gains. Among these, consumer sectors have shown the most persistence this week, rotating from food & beverage to retail and today’s hotel/tourism plays—expect more pre-May Day holiday volatility.

What defines this week’s market? Wild swings, scattered themes without focus. Previously surging sectors like nonferrous metals and gold are now diverging, trapping another batch of latecomers. Timing is key. Bottom line: Defend well, focus on low-cap stocks, and avoid chasing intraday trends.

Big consumer—the most persistent theme this week, but rallies are fragmented, not broad-based. Sub-sectors pop intermittently, like this afternoon’s brief surge before fading.

High-end equipment—boosted earlier by policy tailwinds (e.g., industrial machinery). This is an extension of the "new productive forces" narrative, a hot 2024 topic. Expect sector rotation—look for undervalued plays.

Power—Summer peak demand approaches. Seasonal utility stock rallies are typical but require patience and early positioning.

Remain cautious. Friday’s session will be tricky—manage positions and rhythm carefully.