| | |

WEEKEND NOTES

“STILL…HARDLY ANY COMPLAINTS!”
By Gary Kaltbaum- February 20, 2017
There continues to be very little to complain about. Major indices continue their upward trajectory with nary a pullback. In fact, since the election, we have not seen a correction of even 2%. This in itself is amazing. Normally, there is an ebb and flow in where markets give back a few before moving higher. Not right now. For sure, we are due but until then:
Biotech/healthcare now coming on.
Consumer staples now coming on off of proposed buyouts.
Financials another leg up.
New highs expand
Stocks gapping down on earnings immediately bought up.
Companies with blah numbers romping. For example:
CSCO  flat earnings…sales down…gaps up and breaks out
CAT 13% sales drop…ready to break out.
IBM no growth and used a ridiculously low tax rate…breaks out and ramps
Semis continue on their merry way.
As long as financials and semis work, not much to worry about.
The only thing to complain about remains sentiment which is now frothy and overly bullish (which is bearish) but this can last for a while as sentiment is not a pinpoint indicator. As always, if anything changes, we will let you know.

One Comment

  1. up, UP….. UP ! and AWAY !

    Not Superman, I’m talking the stock market.
    We are badly extended, ….or at resistance, ….and going higher.
    Trend up.

    Strangely enough, my two secret indicators are ………………..screaming pull back.
    I watch their distance between them, it has never been greater.

    Either my two indictors are butt wrong, or, we are going to get a pull back.

Comments are closed.