Another solid session for the market as major indices approach all-time highs lead in part by the usual suspects like Apple, but getting help from an unlikely source today – beaten down retail stocks.
Target shares holding onto gains powered by a strong showing with its online efforts, and this has put the spotlight on other names in the sector. Footlocker is higher the day after Dick’s suffered a massive hit to its share price. Advanced Auto Parts is higher as traders look for value and recall the sharp rebound in O’Reilly shares last month (although, those shares still locked in an ugly downtrend).
The XLY Retail ETF came off a perfect double top last week, but has regained its footing (see chart).
I also continue to cheer the positive action in material and industrial names – you have to be exposed to names in those sectors.
Scuttlebutt the White House Strategic and Policy Forum is disbanding after President Trump's comments on the events in Charlottesville. The panel includes the top business and investment minds in America and could be a blow toward moving the administration's agenda forward. I suspect businesses still want fewer regulations and lower taxes, along with major infrastructure and health care insurance relief, but maybe lobbying and strategy happen in a more stealth fashion.
|Why would Trump's comments provoke the group to disband?|
James Bilezikian on 8/16/2017 1:30:24 PM
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