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Lazy Summer For The Market


In the throes of the dog days of summer, the market has lacked that oomph needed to get the S&P 500 to new highs.  The script was mostly the same each day last week with early efforts and gains wilting into the close.  There has not been any panic, but it certainly feels like a lot of movers and shakers are on holiday.

S&P 500 Index

 

-0.02%

Communication Services XLC

 

-0.02%

Consumer Discretionary XLY

 

-0.01%

Consumer Staples XLP

 

-0.02%

Energy XLE

+0.95%

 

Financials XLF

+0.40%

 

Health Care XLV

 

-0.20%

Industrials XLI

+0.39%

 

Materials XLB

+0.11%

 

Real Estate XLRE

+0.25%

 

Technology XLK

 

-0.07%

Utilities XLU

 

-0.87%

 

Meanwhile, early movers are reacting to Warren Buffett ditching all his airlines stocks (which was known) but also a lot of bank exposure: Wells Fargo (WFC) -27%, JP Morgan (JPM) -62%, PNC Bank (PNC) -42% and Goldman Sachs (GS) -100%. 

The Oracle of Omaha bought 20.9 million shares of Barrick Gold (GOLD).

Portfolio Approach

Today’s Session

Some big tech and other growth names look intriguing ahead of the bell, and everyone seems to be staking out opportunities in retailers ahead of a busy week of financial reports.

NAHB

There are lots of records in the NAHB report this morning, and it is moving the market.

NAHB Home Builder Sentiment

Aug

Jul

Single family (present)

84

78

Single family (six months)

78

72

Traffic

65

57



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