Can we get a bull run already? Markets responded to lower rates with a rally, even some semis went up but not many. Much of the rally was found in mega caps and we continue to focus the portfolio on having said representation. We finished +118bps for the session, in fairly orderly and pleasant trading....Read More

I took the top market cap stocks in each respective sector and analyzed current PE and PS v 3 yr median PE and PS. Here are the results.SectorP/E vs 3Y MedianP/S vs 3Y MedianOverall Valuation ReadTechnology-7.7%+0.4%Moderate contractionBasic Materials+1.2%+4.4%Mild expansionConsumer Goods+0.6%+0.2%Essentially flatFinancials+1.4%+6.3%Clear expansionHealthcare+1.4%+4.5%Mild expansion / mixedIndustrials-0.3%-0.2%FlatServices-1.2%0.0%Slight contractionUtilities-0.2%-1.0%Slight contraction / flatExamples of tech de-ratingsNVDA: P/E 28.3 vs 39.6...Read More

Much of the tech trade is predicated on several macro facts, chief amongst them is cessation of the Iran war, lower oil and inflation and no disruption of building materials. However, this recent leg in the conflict has now caused a noticeable market shift, away from longer duration plays into the immediate. This is obvious...Read More

One of the things that concern me in regard to oil and the war is how Trump might respond to further degradation of the SPR. It is within the realm of possibility that he will restrict exportation of American crude, which in turn would cause a lot of chicanery with US oil producing stocks. Because...Read More

We started off the month with losses of -122bps for the session, heavy selling amidst all of the very great AI stocks who fashion fundies in the 3rd inning but price action of the 9th. As such, I cut loose CLS and GLW today, tired of seeing the both of them taking arrows to their...Read More