Markets rose early and kept their gains intact for the most part Tuesday. The Nasdaq seems to have regained its footing as it gained the most of the 3 benchmarks Tuesday, up .7%, and its weekly gain thus far is double that of the S&P 500. This is no longer the most hated bull market in history. It is beyond that, and a new catchier phrase is in need. The strong moves have baffled many, myself included as I have been in cash for about a week now, and perhaps their is to much overthinking going on. We are in a strong bull phase, the Fed is still easy, although their is good evidence that stocks historically rise as the Fed tightens as well. Do not fight the Fed under any circumstances? Price action is paramount to technicians and it is on the rise and to be respected until it does not continue to gain. Earnings were front and center as CMG blew away numbers advancing 12% Tuesday. They cited chicken being favored over beef, and perhaps it is time to take a look at PPC. The stock is up 21 of the last 23 weeks on very firm trade and very comfortably ahead of its last breakout from a cup base pivot point of 19.33 on 3/17. It is holding the round 30 figure very nicely here and a pullback that holds there should be entered. There will be incessant chatter regarding AAPL, but I like to talk about what others are not and the XLNX miss this afternoon, down 9% as of this writing, was its second consecutive poor showing after the 9.1% drubbing it took on 4/24. Back to back disappointments put this name in the penalty box, and surprising given how strong the overall group has been.
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