Maybe it's just me, but it seems like the markets have embraced the "Trump" economy. Less regulation, strong growth etc....
Why else would we be seeing transports and airlines go ballistic to the upside? I'm old, so I remember past bull markets when they embraced these sectors as a sign of good things to come.
Keep in mind that we have been growing at about 1.5-2.0% under Obama, and even skeptics are now talking 3.5-4.5% growth as a strong possibility going forward. That moves the needle in such a drastic way its not even funny. Stay tuned.
I say its an old fashioned bull market because airlines, industrials, financials and commodities are running. These groups in the classic sense should lead a bull market. We have been waiting eight years for the financials to wake up. Could you imagine if technology joins in??????
Today CBI added +2.3%, WHR +2.6%, TX +4.9%, PKX +2.3%, RIO +5.8%
Our other names were flat to down very slightly. EDZ stopped out.
NEW LONG-----adding CPE between 16.50 and 17.10... CPE broke out last week and has come back to test the lateral breakout. Note that it has pulled back on light volume as it sports a pretty bull flag.
I also added LABU as a long today. I highlighted the reasons why in the midday email.
See you in the morning.