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Retailers to the Rescue
The market is meandering but holding on to its gains, a sign of a moral victory after yesterday’s dramatic reversal that wiped out 200 Dow points in a matter of minutes. In fact, the last hour of this session could go either way, and for now, the closing bias is to the downside.
Don’t Bury Me
The most compelling action is in consumer discretionary as brick and mortar stores are having a grand session. Leading the pack is Costco (COST), which is in a league by itself, posting market sales metrics that bode very well for quarter results.
The top performing names in consumer discretionary have had many difficult issues lately, but are bouncing back nicely today.
I like action, and industrial names are wondering if President Trump’s NY Times interview, where he talks about using debt to fund infrastructure, is having impact.
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