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Stick with winners!!

Apr 05, 2023

Good morning!

Yesterday’s action was about as expected, with the markets snapping a 4-day winning streak.

Today, I’m going to look for some footing.

First, though, I’m going to deliver my keynote address regarding why the best really IS yet to come. I’m in Las Vegas with the fabulous folks from the Machinery Haulers Association and couldn’t be having a better time!

Here’s my playbook.

Jobs openings report <10 million for the first time in 2 years

Reports are swirling that the Fed’s machinations are finally having an impact (Read). I don’t think that’s true. The far more likely and plausible explanation is that the markets are consolidating after a fabulous rally last week.

I think it sets the tone for a positive April if buyers return.

There are still loads of people set up short, which makes me think that some calls or even call spreads could work nicely. Especially on the Nasdaq and the S&P500.

J&J shares rise after sayin’ it’ll pay up

Johnson & Johnson shares rose in extended trading after news broke that the company will pay $8.9 billion over the next 25 years to settle allegations that the company’s talc products caused cancer. (Read)

That’s great for shareholders. I can envision a return to $185 without too much trouble if the narrative sticks. If not, I think it’ll hover in the $165 range. Yield is 2.85%, so that’s not necessarily a bad thing.

GM overtakes Ford, still trails Tesla (badly)

I’ve said several times that Tesla is the clear market leader when it comes to EVs, but this is one I didn’t see coming. GM just overtook Ford by selling 20,670 EVs during Q1’23 while Ford only sold 10,866 over the same time frame. (Read)

Not a big deal, many say.

I beg to differ.

Tesla may have sold 161,630 EVs during that time frame... roughly 7.8X GM sales and 14.9X Ford sales!

I hope I am smart enough to buy more shares... of Tesla. And, in the same breath, glad I ditched Ford.

If you’re not buying gold, you are not paying attention

I’ve shared two important links with you recently and encouraged you to buy gold. Now, at the risk of sounding like a broken record, I’m going to tell you one more time... buy gold.

Gold is notching higher into record-setting territory after US data suggests a decrease in job openings, factory orders, and treasury yields, as well as a weakening USD.

Precious metals have outperformed the stock market for the past 6 months, according to Jonathan Rose, CEO of Genesis Gold Group. He notes that “gold and silver added 15–20% over the past six months while the overall market was in the range of 2%–4% growth. (Read)

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Easter potatoes instead of eggs—doh!!

I sure am glad our boys are grown because I don’t know that I could hide Easter potatoes.

That’s right, eggs are now so expensive that the idea of painting and hiding decorated potatoes is all over the Internet. I get it... egg prices have jumped 55.4% year over year as of February.

Makes me want to look at John Deere stock.