And they all beat expectations…and their stocks fell on the day they announced also.
7 beats. 7 down stocks. Broader market makes new all-time highs.
That’ll get a bear to jump off a bridge!
Here’s the takeaway. The individual stock dynamic doesn’t matter. It doesn’t matter that every stock dropped after they reported. The whole market sees 7 stocks beating expectations (beats across the board!) and crafts the narrative that earnings season is great. That’s the story and it will only change if a wave of disastrous results crashes next week.
Read my fingers….that ain’t happening.
We’re in a new leg of the 9-year bull market. I still hate the valuations and I refuse to put new money to work, but the sun is shining and that’s the time to make hay.
Play long. Be fruitful and multiply. Vaya con Dios.
Just understand it’s a momentum play from here on out. We are renting stocks for the short/medium term.
See youMonday
, have a great weekend,-Mike
