Markets kicked off the new week with more gains as the relentless bull market is doing its job of not letting anyone in. Of course things can change on a dime but just more evidence of why you do not fight trends. The Nasdaq made it 10 consecutive winnings sessions Monday and that 5000 number is front and center. The Dow which we rarely follow, was the best performing of the big 3, with an almost triple digit gain thanks to HD being higher by 4%. Remember it is a price weighted benchmark so the higher priced names will have a bigger impact of the index and HD was responsible for almost a third of its advance. Not much talk about low energy prices seems to be making headlines, and the chatter was incessant how that additional capital was making its way into retail names. M reported earnings today and sounded somewhat downbeat on the rest of the fiscal year. The stock trades wide and loose, hallmark bearish traits, and the stock fell more than 3% Monday. Perhaps it is a stock specific issue as peer JWN (chart below from our Game Plan last night) acted just fine following its earnings report last Friday. A sector many are not pounding the table on where those “at the pump” savings are being filtered into are the cinemas. They must be very well run as I believe people are happier to stay home and watch NFLX as indicated by slumping ticket receipts. But take a gander at the charts of an RGC or CNK and maybe those $8 Junior Mints are making a world of difference to the bottom line.
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