Afternoon Note
Stocks are making new record highs today, following the good news on the earnings front and the appointment of Lt. General McMaster as national security advisor.
The Dow is trading above 20,700.
Home Depot (HD) is making new highs following a strong report and Wal-Mart is also having a big day (+2.97%) on tremendous volume. WMT reported strong holiday sales and same-store sales rose 1.8% during the quarter, marking the 10th quarter in a row of gains. The combination of evidence of a lively consumer coupled with improved confidence in the execution of the Trump administration is the catalyst for the move higher.
Metals are trading higher, and US Steel (X) has been on fire. X is trading once again at new 52 week highs. The move looks like a true breakout in the making perhaps taking the stock to challenge the levels of 2009/2010.
US Steel (X)
Goldman Sachs (GS) is seeing a continuation of its breakout move. The stock continues to trade at all-time highs at midday. The volume is slowing a little, which may mean it is time for the stock to consolidate.
Energy is the best performing sector today and oil is up 1.67%, as OPEC said that members are sticking to the production cut agreement.
Comments |
Glad I am not missing this rally!!! Rich Oliver on 2/21/2017 2:18:50 PM |
My man...I'm glad for you as well. But make sure you have balanced approach long term view.
Charles Payne Charles Payne on 2/21/2017 2:25:10 PM |
Enjoy your show on cable. I and 74 and now hold only quality CEF's, and wish you would throw a bone once in a while. Just to have some excitement!! Keep us the good work and hope you continue your personal growth. Kent L McKinney on 2/21/2017 4:27:07 PM |
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