Market Commentary
US consumer sentiment is coming down from its 14-year high, but the 96.3 read is higher than the preliminary report and extremely bullish.
President Trump rallied the troops at CPAC but offered no specifics for Wall Street, although his full throated assurance of the southern wall put a bid in construction names.
There is still a ton of sideline money eager to get into this market, today’s pullback notwithstanding. The challenge is finding value in this market. One approach that’s working is chasing broken names on “good news.” See Restoration Hardware (RH) today.
Helping the group moments ago was a report saying the White House is a “no go” on the Border Adjustment Tax.
The only problem with this approach is getting in front of the initial pop and assuming that good news will continue, after all, a lot of people bought JC Penny ahead of earnings assuming the kind of news Restoration got. (This is why we do the momentum ideas on our Swing Service.)
It would be a miracle if the Dow closed higher today, but don’t fret real opportunities are developing with pullbacks.
Have a great weekend.
Comments |
What we have here is a failure to communicate Bob on 2/24/2017 4:30:30 PM |
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