Morning Commentary
While the rally has been remarkable, it’s a little tired now. However, that doesn’t mean the race is over. Just two months into the New Year, the results would make most money managers drool with envy and justify their private jets. In fact, I continue to say Wall Street is going to have to go back and sharpen their pencils.
This leg is out of steam, but will investors panic?
Yesterday’s breadth was decidedly bearish, but not surprising. Even after a great Consumer Confidence report and comforting pledges from Federal Reserve Chairman Jay Powell, major indices slipped into the closing bell.
NYSE
NASDAQ
The selling in safe havens underscores the fact most investors want to ride out any pause in the hottest sectors.
S&P 500 Index |
-0.08% |
Communication Services (XLC) |
0.00% |
Consumer Discretionary (XLY) |
+0.14% |
Consumer Staples (XLP) |
+0.06% |
Energy (XLE) |
-0.32% |
Financials (XLF) |
-0.30% |
Health Care (XLV) |
-0.36% |
Industrials (XLI) |
-0.27% |
Materials (XLB) |
-0.57% |
Real Estate (XLRE) |
-0.20% |
Technology (XLK) |
+0.21% |
Utilities (XLU) |
-0.12% |
Portfolio Approach
We asked subscribers to take profits on Caterpillar (CAT) and Zebra Technologies (ZBRA) and added a new idea in Health Care on Friday. Please contact your rep or research@wstreet.com.
Communication Services 1 |
Consumer Discretionary 4 |
Consumer Staples 1 |
Energy 1 |
Financials 1 |
Healthcare 2 |
Industrial 3 |
Materials 4 |
Real Estate 0 |
Technology 2 |
Utilities 0 |
Cash 1 |
Today’s Session
Sluggish is the word, but the news is, or at least the reaction to the news, is pretty good this morning. Big names in the retail space are trading higher on earnings.
Best Buy shares are soaring the most (+13%) after strong same store sales and management upping their dividend 11% to $0.50, which is the sixth consecutive year of dividend increases.
I say let’s watch the action in the action and see if more investors are lured into taking profits.
Tweet |
3/28/2024 7:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
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