📉We’re Likely Back to a Sideways Market

Good morning. With tech stocks coming off of last week's big pop higher, it's clear that...

It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.

Good morning, With tech stocks coming off of last week's big pop higher, it's clear that the market rally in the past few weeks has been driven just by tech. This has been one of the narrowest market breadths in history, with only a handful of stocks moving higher. Backing out tech, many sectors are down for the year. But with the debt ceiling coming off the table, it's likely that stocks will trend sideways over the next few months. That's part of the market's historic seasonality. Typically, volatility is light in the summer, although a renewed banking sector crisis could lead to a spike this year. But generally, traders and investors may want to focus on smaller potential trades now, and see how the market is setting up for the next move higher– and which sectors it will occur in – later in the year. Now here's the rest of the news: Sponsored Content Investing Legend: "It's a CBDC Nightmare!" The Deep State's plan for America? First, allow cities to rot from within via crime and civil unrest… Then, once the country destabilizes… Hit us with a Fed-backed digital currency that tracks our every move. With paper money facing extinction… Americans should take evasive action, ASAP MARKETS DOW 33,061.57 +0.47% S&P 4,221.02 +0.99% NASDAQ 13,100.98 +1.28% *As of market close • Stocks jumped higher on Thursday, as the House voted to raise the debt ceiling. • Oil rose 2.8 percent, closing at $70.02 per barrel. • Gold rose 0.7 percent, ending the day at $1,995 per ounce. • Cryptocurrencies traded lower, with bitcoin at $26,864 at the market close. Today's TOP TIPS Energy Gets Back into Buying Range Now Investors looking to consistently outperform the market should follow market rotation. That simply means avoiding sectors that have recently performed well, instead opting to buy sectors that have been out of favor. For the month of May, tech stocks dominated. Software-related tech plays saw a nearly 10 percent rise. On the other end of the spectrum, the energy sector was the loser, with about a 10 percent decline. » FULL STORY Insider Trading Report: Warner Brothers Discovery (WBD) Gunnar Wiedenfels, CFO at Warner Brothers Discovery (WBD), recently added 15,000 shares. The buy increased his holdings by 2 percent, and came to a total cost just over $168,300. This is the first insider activity since last August, when the company's international division president bought 20,000 shares at a price about 25 percent higher than where the stock trades today. The last insider sale occurred in November 2021. » FULL STORY Unusual Options Activity: Vale (VALE) Brazilian iron ore producer Vale (VALE) is down about 30 percent over the past year, and shares are near their 52-week lows. One trader is betting on a rebound in the coming weeks. That's based on the July $13 calls. With 49 days until expiration, 24,955 contracts traded compared to a prior open interest of 414, for a 60-fold rise in volume on the trade. The buyer of the calls paid $0.67 to make the bullish bet. » FULL STORY IN OTHER NEWS • Payrolls Show Continued Job Market Strength The private sector saw a 278,000 increase in jobs in May, well over expectations for an increase of 180,000. That's far above expectations, but is slightly under the revised 291,000 jobs created in April. The data shows that leisure and hospitality continues to dominate job growth, with 208,000 new positions added. • Companies Find Nontraditional Ways to Boost Profits Companies are increasingly finding nontraditional ways to increase their profits beyond improved sales. That includes accounting measures, such as reducing depreciation expenses, or other moves that are allowed under accounting rules. This allows companies to "manage" their earnings and meet expectations that otherwise they may not hit. • OPEC Likely to Hold Steady on Production With oil prices at their lowest levels in over a year, it's likely that oil cartel OPEC and affiliated countries will keep production levels steady when they meet over the weekend. The cartel has previously cut production by over 1 million barrels per day earlier in the year in light of declining global demand. • Ford to Test Out Flexible Mach-E Leases for Uber Drivers Ford Motors (F) is partnering with Uber (UBER) to offer flexible leases on the Mustang Mach-E, the electric version of the company's popular sports car. Called Ford Drive, the program will help Uber meet its commitment to switch drivers to zero-emissions vehicles by 2030. • Musk Reclaims World's Wealthiest Title The latest Bloomberg Billionaire's list shows that Elon Musk has reclaimed the title of world's wealthiest, with a net worth of $192 billion. That just beats out the $187 billion estimate for Bernard Arnault of LVMH. Musk's reclaimed title has occurred even as now privately-held Twitter has been revalued at a lower price. S&P 500 MOVERS TOP MTCH  10.174% NTAP  8.719% CEG 5.707% CCL 5.565% CMA 5.222% BOTTOM DG 19.782% AAP 6.038% CRM 4.562% NRG 4.128% DLTR 3.796% Quote of the Day This [October] may be around the time that services industries, which have been in the slipstream of a post pandemic spending frenzy… begin to flag. - Michael Darda, Roth MKM chief economist, predicting a recession in the fall, as consumers are on track to work through their pandemic-era excess savings in the next few months. Sponsored Content Investing Legend: "It's a CBDC Nightmare!" The Deep State's plan for America? First, allow cities to rot from within via crime and civil unrest… Then, once the country destabilizes… Hit us with a Fed-backed digital currency that tracks our every move. 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