So far it’s steady sailing for the market, which has switched to cruise control this week. With fewer and fewer traders showing up to work, this upside bias could remain in place. Crude oil was higher Tuesday and that’s setting the pace.
The rumor mill is swirling, too.
Several names are up on deal talk, and the one that’s most believable is Wholefood’s (WFM). How ironic the company that was going to help put traditional grocers out of business has lost a handle on the industry it created. Part of that lost stature is good old fashion competition and taking the eye off the ball. Another part is arrogance revealed through pricing scandals (and the snotty attitude of cashiers when I want to use plastic doesn’t help). The stock is breaking out, and an offer around $45.00 is not out of the question.
Speculation has returned to SYT along with a brokerage upgrade. Meanwhile, the FANG trade began better, and has faded. I want to see wider distribution of buying, and leadership, so up sessions on down days for the four horsemen of current momentum is a good thing.
We aren’t going to force the issue here.