Stocks got squeezed out of the low yesterday, but there are still some formidable obstacles bulls need to get around to rekindle the bull market.
Market breadth is starting to improve, but without the Magnificent Seven participating, bullish efforts won’t amount to much. We took a swing at Tesla (TSLA) a few weeks ago and that trade is beginning to work nicely. And I like what I’m seeing in the EV space.
More than anything, we need to see tech - and the aforementioned Mag 7 - take the reins of leadership from the current boss sector, consumer staples.
Overseas, the destination of choice for global capital right now, I like the price action from Chinese names. In terms of opportunities closer to home, I think there’s tremendous opportunity in precious metals.
Let’s take a closer look…