The need to tailor portfolios towards those groups that have pricing power and are not feeling the push-back from a more discerning consumer is more important now than it has been in a long time.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
Stocks Entering Period of Seasonal Strength Today:
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Super Simple Seasonal Portfolio
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The Markets
Ongoing strength in shares of Apple fuelled the S&P 500 Index to another record high, but the strength in the market benchmark during the Wednesday session was by no means broad. The large-cap benchmark gaped higher at Wednesday’s open to produce a gain of 0.85%, starting to show elevation above the 20-day moving average level that it had been grinding around in recent days. The upside gap between 5375 and 5409 instantly creates a zone of short-term support for traders to shoot against as the market gets set to enter one of the weakest periods of the year starting on June 14th, on average. The benchmark is rapidly stockpiling levels of support below, including major moving averages, but it is failing to come with a commensurate expansion of breadth given that one sector (technology) is doing the heavy lifting. Seasonal tendencies call for weakness through the next couple of weeks and, combined with the lack of breadth, we are still unable to find reason to be aggressive in stocks in the near-term, until we get to the summer rally period just ahead of July.
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Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
