It was a remarkable week for many reasons, including the fact the market was able to continue its move higher even when Technology lagged on Friday.
S&P 500 Index | +0.39% | |
Communication Services XLC | +1.26% | |
Consumer Discretionary XLY | +0.96% | |
Consumer Staples XLP | +0.94% | |
Energy XLE | +0.85% | |
Financials XLF | +0.03% | |
Health Care XLV | +0.18% | |
Industrials XLI | +0.59% | |
Materials XLB | +1.72% | |
Real Estate XLRE | +0.34% | |
Technology XLK | -0.22% | |
Utilities XLU | +0.54% |
The market enters this week with a major head of steam after exhibiting the kind of resolve that made last year's bear market the shortest on record. That resolve is driven by individual investors who continue to forge into the market. While the financial media was incorrectly claiming these retail investors were losers, and seemingly dancing on their graves, these investors were powering the microcap index up more than 10% and the Russell more than 7%.
In fact, there is an amazingly underreported trend of rotation. It's not happening horizontally across the major indices but vertically into the deeper soil of the public markets. It's why the antiquated Dow Jones Industrial Average wanes, as indices with fresher growth names prosper. But while the same folks that spend all week cheering on hedge funds and suggests the Dow is the best proxy for the market, or the economy, tons of money is being made beyond those 30 names.
There is so much to discuss from last week, so I’m offering this week’s Payne’s Perspective for free this morning. Its titled: Stay Chill, Stay Confident, Stay in the Game. Click here to read the report (you need to be registered to wstreet.com to read the report).
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Portfolio Review
After this morning’s long idea the model portfolio will be 100% vested.
Today’s Session
Lots of excitement in Bitcoin this morning after Tesla (TSLA) announced it has $1.5 billion on its balance sheet and will begin accepting the Cryptocurrency.
To see the chart, click here.
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