Morning Commentary
It was another session that may have seemed ho-hum yesterday, but it was like tectonic plates rubbing beneath the surface of a fault line. This is the prelude to a big move. Consumer Discretionary (XLY) led the way - Americans keep spending.
In addition to Cyber Monday bringing in more than expected, the latest Redbook saw a huge spike in sales.
Still, the week’s focus is inflation, ahead of tomorrow’s Personal Consumption Expenditures (PCE) release. The Cleveland Fed sees a negative Consumer Price Index (CPI) inflation on a month-to-month basis.
RIP Charlie Munger. The loveable curmudgeon and investing legend, passed away yesterday at 99. What a hell of a life
Portfolio Approach
We added a new position yesterday in Financial and this morning are adding a new position to Communication Services in the Hotline Model Portfolio. If you are not a current subscriber to our premium Hotline service, contact your account rep or email Info@wstreet.com to join today.
Today’s Session
Lots of data is out this morning, but the driving force for the market comes from good old-fashioned earnings. Software names dominate.
*CrowdStrike (CRWD)
*Workday (WDAY)
*Intuit (INTU)
*WSS positions (Hotline or Swing)
The Software index has been on fire and probably trades a lot higher.
GDP was revised higher. More on this in the afternoon note.
Street Warming to Rate Cuts
The change of a rate cut in Mach is growing.
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7/26/2024 1:36 PM | Friday Recovery |
7/26/2024 9:29 AM | WRAPPED AROUND YOUR FINGER |
7/25/2024 12:58 PM | A Look at GDP |
7/25/2024 9:57 AM | TURNING THE PAGE ON RESOLVE |
7/24/2024 1:49 PM | Vulnerable Market |
7/24/2024 9:47 AM | Mega Misses |
7/23/2024 1:04 PM | Lay Summer Session |
7/23/2024 9:25 AM | MOST EXPANSIVE BREADTH = GREATER OPTIMISM |
7/22/2024 1:23 PM | Rebounding |
7/22/2024 9:47 AM | WILL THE HUNT FOR VALUE CONTINUE? |
7/19/2024 1:32 PM | Under Pressure |
7/19/2024 9:56 AM | STAR FOR ONLY A WEEK? |
7/18/2024 1:30 PM | All Eyes on Netflix |
7/18/2024 10:18 AM | BIG BETS ON TRUMP TRADE |
7/17/2024 1:37 PM | Technology Troubles |
7/17/2024 9:59 AM | EMPHATIC! |
7/16/2024 12:44 PM | AI Drifting Lower |
7/16/2024 9:52 AM | NEW KIND OF WINNING |
7/15/2024 1:32 PM | Small Caps On The Move |
7/15/2024 9:50 AM | FULL SPEED AHEAD |
7/12/2024 12:56 PM | Intriguing Small Caps |
7/12/2024 9:48 AM | IT’S GOOD TO BE THE KING |
7/11/2024 1:25 PM | Equal Weight Comeback? |
7/11/2024 9:42 AM | CALLING ALL STOCKS |
7/10/2024 1:15 PM | Rally Broadens |
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