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.

• Month ago, 13.7%
• Week ago, 27.4%
• Yesterday 34.8%
• This morning 45.5%

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