The market came out the gate according to script, with Technology going straight down, while the broader market moved sideways.
But buyers are kicking the tires and some buying has emerged in Technology and other growth sectors.
The big winner today is Kellogg (K), which posted strong results and is being rewarded by the street. Ironically, the CEO says inflation is real and powerful and will only get worse at the end of the year and cost will have to increase.
S&P 500 Index | +0.29% | |
Communication Services XLC | +0.70% | |
Consumer Discretionary XLY | +0.03% | |
Consumer Staples XLP | +1.13% | |
Energy XLE | -0.31% | |
Financials XLF | +0.76% | |
Health Care XLV | -0.76% | |
Industrials XLI | +0.24% | |
Materials XLB | -0.08% | |
Real Estate XLRE | +0.50% | |
Technology XLK | +0.49% | |
Utilities XLU | +0.13% |
I think we’ll get more than one million jobs, but tempered wages will actually create an atmosphere of Goldilocks. It’s time to get ready to pounce on some of the most oversold stuff that’s down on emotions not fundamentals.