Trump Publishes New Details About Retaking the Panama Canal
Post-Assad Syrian Christians Rise Up to Celebrate Christmas
Since When Did We Republicans Start Being Against Punishing Criminals?
Taking Another Look At ‘Die Hard’
Former Democratic Presidential Candidate Throws Hat in Ring for DNC Chair
Russia Blamed for Devastating Airline Crash That Killed 38 Passengers Near Ukraine
Protecting the Lives of Murderers, but Not Babies
Wishing for Santa-Like Efficiency in the USA
Texas Woman Arrested and Charged After Authorities Made This Horrifying Discovery
Man Arrested for Attempted Murder After Plowing Car Through Group of People on...
Bill Maher: 'This Is What I F***ing Hate About the Left'
Remember the Man Accused of Murdering Four University of Idaho Students? Well...
Russia Launched an ‘Inhumane’ Christmas Day Attack on Ukraine
Celebrating the Miracle of Redemption
A Letter to Jesus
OPINION

'Old Hero' Stocks Save The Market In Time For Memorial Day

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
Advertisement
Advertisement
Advertisement
AP Photo/Gene J. Puskar, File

They don’t come to the rescue as often as they once did, but all of a sudden, the old heroes of the stock market are lending a hand. 

Some are trying to reinvent themselves in the modern age of digital, electric, and autonomous driving, and the demand for safe air travel (actually, this was never not modern).

Advertisement
  • General Electric (GE)
  • Ford (F)
  • Boeing (BA)
  • General Motors (GM)

Looking broadly at yesterday’s session, the bigger more influential names have sagged. But these smaller sectors and names associated with economic growth and business investments were higher.  Moreover, as each side continues to talk more positively about infrastructure, Materials (XLB) and Industrials (XLI) move higher.

To see the chart, click here.

Under the Hood

It was a seesaw session. But those old names buoyed by fresh hopes more than valuations led the way.  Market internals continue to improve as well, with advancers leading decliners almost 2:1 on the NYSE and NASDAQ.

Market Breadth

NYSE

NASDAQ

Advancing

2,104

2,796

Declining

1,207

1,426

52 Week High

230

172

52 Week Low

25

20

Up Volume

4.80B

3.52B

Down Volume

1.84B

1.63B

Russell 2000

Just a few days ago, I wondered what was going on with the Russell 2000, which is a great proxy for the U.S. economy. The U.S. Dollar (DXY) had been under pressure and creeping closer to a major support point. I connected the dots that a cheaper dollar could mean less purchasing power, but that might have been too myopic.

Moreover, the U.S. consumer is flushed even without ‘stimmy checks’, and the nation is reopening right before summer. Meanwhile, the Russell 2000 has held at important support. But like most major indices, it is still below resistance. The breakout will be monumental.

Advertisement

The Real Heroes

"Arlington"

I never thought that this is where I'd settle down,

I thought I'd die an old man back in my hometown,

They gave me this plot of land, me and some other men, for a job well done,

There's a big white house sits on a hill just up the road,

The man inside he cried the day they brought me home,

They folded up a flag and told my mom and dad, "We're proud of your son."

And I'm proud to be on this peaceful piece of property,

I'm on sacred ground and I'm in the best of company,

I'm thankful for those thankful for the things I've done,

I can rest in peace, I'm one of the chosen ones, I made it to Arlington

-Trace Adkins

I think we all have a greater application for life. And we owe our first responders and others that took the greatest risks of keeping the nation alive - we should never forget. As we head into this weekend, we should also remember and honor those that died in the line of duty protecting us.

Freedom isn’t free.

Portfolio Approach

We took profits in Movado (MOV) in Consumer Discretionary yesterday in the Hotline Model Portfolio. It was up 12.9% vs 2.06% for the S&P500 during the same period. If you are not a current subscriber of our premium Hotline service, email Info@wstreet.com to sign up today. 

Advertisement

Today’s Session

Personal Income and Spending data came out this morning and there are several highlights.

  • Income -13.1 consensus -14.0
  • Spending +0.5 consensus +0.5%
  • PCE core (m/m) +0.7% consensus +0.6%
  • PCE core (y/y) +3.1% consensus +2.9%

Income

Spending

Savings declined sharply, perhaps to make up from the sharp decline in incomes, as government transfer payments declined.

  • Unemployment payouts $495.4 billion from $541.2 billion
  • Other $1,400.0 billion from $4,747.0 billion
  • Savings $2.85 trillion from $6.1 trillion

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos