“I’d be a bum on the street with a tin cup, if the markets were always efficient.” Warren Buffett
Market Commentary
Dramatic change in leadership
- Which are the sectors with the greatest number of new highs? It is now energy, banks, finance, medical, and insurance.
- We saw more new 52- week highs, and the number of 52- week lows were even lower than last week. The advance/decline in the NYSE looks better than the Nasdaq.
- We saw several “good earnings" releases where the stocks reversed lower. It is more important how a stock reacts than the bottom-line numbers. The market always looks forward.
- We are seeing an increasing number of buyouts, especially in the biotech space. I have one that I am looking forward to hearing about.
Economic data and market clues:
Earnings will dominate the market moves as we see several high profile releases.
The market is begging for interest rates cuts and may be disappointed when Fed Chair Powell says they are still on hold.
The data shows weakness and cracks under the headlines. The 1% is doing just fine, the rest are clearly cutting back.
Selected current holdings:
Magnet®:
Generac GNRC
Technip FMC FTI
Hims & Hers Health HIMS
FACTS:
Amgen AMGN
Blackrock BLK
Chubb CB
For more information, contact us.
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Goldilocks Has Made An Appearance On Wall Street!
Week Of July 8, 2024: What's In Store For The Markets
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