{"id":2223,"date":"2024-03-18T00:07:39","date_gmt":"2024-03-18T00:07:39","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/03\/18\/ignore-the-naysayers-this-market-is-on-fire\/"},"modified":"2024-03-18T00:07:39","modified_gmt":"2024-03-18T00:07:39","slug":"ignore-the-naysayers-this-market-is-on-fire","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/03\/18\/ignore-the-naysayers-this-market-is-on-fire\/","title":{"rendered":"Ignore The Naysayers, This Market Is On FIRE!!!"},"content":{"rendered":"<div>\n<p>Happy St. Patrick\u2019s Day!<\/p>\n<p>Last week was interesting for sure.  Both February Core CPI (consumer price index) and February Core PPI (producer price index) came in above expectations.  The headline PPI number <strong><em>doubled <\/em><\/strong>expectations.  Despite that, the S&amp;P 500 managed to close at an all-time high on Tuesday, the day the February CPI data was released.<\/p>\n<p>This bull market remains extremely resilient and provides evidence of it nearly every day.<\/p>\n<p>The vast majority of market analysts, in my opinion, expected that any weakness in the Magnificent 7 stocks would automatically be the end of this bull market.  But they were wrong.  NVIDIA Corp (NVDA) is the only stock in the Magnificent 7 that has gained any significant ground over the past month.  The weakening price action for growth stocks is typical during the 2nd half of calendar quarters (except for Q4).  Growth stocks tend to take a back seat to value, especially compared to what happens during the 1st half of calendar quarters as we work our way through earnings season.<\/p>\n<p>Let\u2019s look at the Magnificent 7 stocks to gain a better feel of what\u2019s been transpiring there:<\/p>\n<p>For each stock, the pink line represents price action, while the black line represents the 10-day rate of change (ROC).  Over the past couple weeks, there\u2019s been price deterioration in a few of these names, and especially on Tesla (TSLA), which has dropped a staggering 19% over this period.<\/p>\n<p>The good news, however, is that during this more \u201crisk off\u201d kind of market, money is not leaving the stock market.  Instead, it\u2019s helping to fuel a HUGE rally in other areas of the stock market, mostly value-oriented areas.  This represents widening participation in this secular bull market advance, a key ingredient of bull market sustainability.<\/p>\n<p>Earlier today, I created what could become a regular YouTube weekend video, \u201cEB Weekly Market Recap\u201d (see below).  If you listen to it, please provide some feedback \u2013 either directly to us at \u201csupport@earningsbeats.com\u201d or below the YouTube video in the comments section.  Thanks!<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=6kvFzaR9ItY&amp;t=511s\" target=\"_blank\" rel=\"noopener\">EB Weekly Market Recap Video<\/a><\/p>\n<p>Happy trading!<\/p>\n<p>Tom<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Happy St. Patrick\u2019s Day! Last week was interesting for sure. Both February Core CPI (consumer price index) and February Core PPI (producer price index) came in above expectations. The headline PPI number doubled expectations. Despite that, the S&amp;P 500 managed to close at an all-time high on Tuesday, the day the February CPI data was [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":2224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/2223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=2223"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/2223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/2224"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=2223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=2223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=2223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}