Tackle Today: Meta Blows the Roof Off
February 2, 2024
«Unemployment Comes in Hot»
Coach Mark here.
Well, that was a week! I very much am looking forward to the week to relax a little after such an intense week and digest all that occurred. Be sure to check out the Trading Justice podcast this weekend to hear what I have no doubt will be a lively conversation on a fascinating week in the markets. This week certainly did not disappoint!
Meta and Amazon delivered on their earnings and big-cap remains the core and strength of the equities market. To be honest there has been very little to quibble about with tech earnings this week on MAG 7 companies. Yes, you could nitpick a little here and there on Google and Apple but overall, MAG 7 came through.
We are seeing a “Tale of Two Markets” price action again today which has been very common over the last year. The unemployment report came in hot, along with wage growth, creating volatility in many areas of the market on concerns over rate cuts. MAG 7 shrugging off these concerns on the strength of earnings.
In 2024 you have not seen broad participation. Small-caps and ARKK are down on the year and your average stock is unchanged (as measured by the equal weighted RSP). What has been strong has been REALLY strong however and trends have certainly played out. This has been a market so far in the first month where you did not want to fight the tape. In other words, a good trader’s market.
Once again, be sure to listen to the Trading Justice podcast this week. A lot to digest. Have a fantastic weekend everyone!
Chart of the Day: Meta (META)
Let’s give the floor to Meta and their strong earnings report. Top of the hat to shareholders here!
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