Market Performance

We’ve had shaky performance in the indexes over the past month. My belief is gains are being consolidated. Money is moving into position for the next move higher in markets. I continue to believe in the “Global Growth” story growing into 2025. From here I see nothing but higher-highs in our future.

Back in January, I wrote about the “Other Side of Choppy Markets” and I think we are officially into the “other-side”. Summer, Fall and Winter 2024 will be kind to markets. We will get more and more resolution to global issues. Elections will pass, wars will enter into stable setups and questions will get answered.

I’m spreading my wings and buying into small caps, oil, emerging markets, shipping and broadly “reflation” in the economy. Prices will rise but so will sales.

Volatility Corner:

VIX / VVIX improved! Blue up is good, blue down is bad. The blue line has a HIGH CORRELATION to overall markets. The mid-April 2024 low was a great entry point for all risk assets. Especially inflation linked, commodity backed or emerging market risk assets. Again, “Buy when there is blood in the streets”

MACRO INDICATOR:

• MACRO SEASON: BULLISH Since 12/2/22🟢

• MICRO WEATHER: BEARISH Since 7/27/23🛑

New Highs $5-$20:

1. SB: Safe Bulkers Inc. - Marine - Greece 🇬🇷

2. OBDC: Blue Owl Capital Inc. - Asset Management - USA 🇺🇸

3. T: AT&T Inc. - Telecom Services - USA 🇺🇸

4. HOOD: Robinhood Markets Inc. - Capital Markets - USA 🇺🇸

5. BCS: Barclays PLC - Banks - United Kingdom 🇬🇧

6. SMFG: Sumitomo Mitsui Financial Group Inc. - Banks - Japan 🇯🇵

7. DNN: Denison Mines Corp. - Uranium - Canada 🇨🇦

8. WT: WisdomTree Inc. - Asset Management - USA 🇺🇸

9. TROX: Tronox Holdings PLC - Specialty Chemicals - USA 🇺🇸

10. ELAN: Elanco Animal Health Incorporated - Drug Manufacturers - USA 🇺🇸

11. WTTR: Select Water Solutions Inc. - Oil & Gas Equipment & Services - USA 🇺🇸

12. ARLO: Arlo Technologies Inc. - Security & Protection Services - USA 🇺🇸

13. REVG: REV Group Inc. - Auto Manufacturers - USA 🇺🇸

14. WRBY: Warby Parker Inc. - Specialty Retail - USA 🇺🇸

15. TNP: Tsakos Energy Navigation Limited - Marine - Greece 🇬🇷

SB: Safe Bulkers Inc. - Marine - Greece 🇬🇷

OBDC: Blue Owl Capital Inc. - Asset Management - USA 🇺🇸

T: AT&T Inc. - Telecom Services - USA 🇺🇸

HOOD: Robinhood Markets Inc. - Capital Markets - USA 🇺🇸

BCS: Barclays PLC - Banks - United Kingdom 🇬🇧

SMFG: Sumitomo Mitsui Financial Group Inc. - Banks - Japan 🇯🇵

DNN: Denison Mines Corp. - Uranium - Canada 🇨🇦

WT: WisdomTree Inc. - Asset Management - USA 🇺🇸

TROX: Tronox Holdings PLC - Specialty Chemicals - USA 🇺🇸

ELAN: Elanco Animal Health Incorporated - Drug Manufacturers - USA 🇺🇸

WTTR: Select Water Solutions Inc. - Oil & Gas Equipment & Services - USA 🇺🇸

ARLO: Arlo Technologies Inc. - Security & Protection Services - USA 🇺🇸

REVG: REV Group Inc. - Auto Manufacturers - USA 🇺🇸

WRBY: Warby Parker Inc. - Specialty Retail - USA 🇺🇸

TNP: Tsakos Energy Navigation Limited - Marine - Greece 🇬🇷

New Highs $20+:

1. LEVI: Levi Strauss & Co. - Apparel Manufacturing - USA 🇺🇸

2. BOOT: Boot Barn Holdings Inc. - Apparel Retail - USA 🇺🇸

3. SIG: Signet Jewelers Limited - Specialty Retail - USA 🇺🇸

4. NYT: The New York Times Company - Publishing - USA 🇺🇸

5. WMT: Walmart Inc. - Discount Stores - USA 🇺🇸

6. CCJ: Cameco Corporation - Uranium - Canada 🇨🇦

7. FSS: Federal Signal Corporation - Specialty Industrial Machinery - USA 🇺🇸

LEVI: Levi Strauss & Co. - Apparel Manufacturing - USA 🇺🇸

BOOT: Boot Barn Holdings Inc. - Apparel Retail - USA 🇺🇸

SIG: Signet Jewelers Limited - Specialty Retail - USA 🇺🇸

NYT: The New York Times Company - Publishing - USA 🇺🇸

WMT: Walmart Inc. - Discount Stores - USA 🇺🇸

CCJ: Cameco Corporation - Uranium - Canada 🇨🇦

FSS: Federal Signal Corporation - Specialty Industrial Machinery - USA 🇺🇸

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