Morning Commentary
The rebound was impressive yesterday, especially considering a midday lull over reports of a security emergency involving Russia.
The most significant advancing sectors are the ones that are being accumulated right now by Global Fund Managers.
There were only two Technology names among the top ten advancers, which is refreshing. Some buying was bottom fishing, but some might be the start of longer-term rallies. We’re crunching the numbers, especially on Enphase Energy (ENHP), an unmitigated disaster is making a monster stealth rebound. The worst-performing stock was a Technology (XLK) name, Akamai Technologies (AKAM).
Don’t look now, but the Valentine’s Day Indicator is flashing a significant buy signal.
The S&P 500 is up 5.44%, and the chart is a thing of beauty.
Ahead of today’s retail sales report, The Chicago Fed Advance Retail Summary (CARTS) report sees a slight gain in retail sales as prices ebb.
The report has been crushing the consensus, which might be more of a story about Wall Street sandbagging than a strong consumer.
Portfolio Approach
We are adding a new position in Technology (NTCT) this morning in the Hotline Model Portfolio.
Today’s Session
There was a big miss on retail sales this morning.
Highlights & Curiosities
Groceries soared +0.6%, while restaurants and bars climbed 0.7% and 6.3%, respectively, from a year ago. Department stores +0.5, while internet was -0.8% (maybe holiday fatigue).
It is a crazy time, and while we want to love it (APP could be the number one stock in the entire market today), I’m cognizant of stocks like Shake Shack (SHAK) surging after beating the street by a penny.
It is a feast or famine environment.
It can last a long time.
We want to take advantage and keep our wits at the same time.
Comments |
What a ride! Thanks for all help. Skip Pennebaker on 2/15/2024 4:13:29 PM |
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