From the Desk of Kimmy Sokoloff

$SPY broke the February 2 highs, and we're almost at the 421.22 gap-fill.

Maybe we see that level today.

From the Desk of Kimmy Sokoloff

It was a wild day in the market.

We ran right to resistance on $SPY at 417.50 and moved a tad higher from there.

We came close to the February highs but didn't quite touch that level.

From the Desk of Steve Strazza @Sstrazza

When investing in the stock market, we always want to approach it as "a market of stocks."

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.

Now, we're also highlighting lagging stocks on a recurring basis.

Welcome to the Short Report.

The largest insider buy on today’s list comes in a Form 4 filing by Kelcy Warren, co-founder and executive chairman of Energy Transfer $ET.

Warren reported an additional purchase of ET stock, this one worth $12.5 million.

From the Desk of Kimmy Sokoloff

Yesterday we broke out of this sideways channel on $SPY, and this morning the market is gapping up.

We have near-term resistance at 417.50 or so, which was the May 1 high.

Sector Rotation is the life blood of a bull market.

In the back half of last year, almost everything was working - except for some growth stocks and Tech.

Then came 2023. The best performers have been growth stocks and Tech.

That's what we mean by "sector rotation".

Last year they were all bitching about the fact that these Tech stocks and the Nasdaq weren't working, even through practically everything else was.

This year they're bitching that these Tech stocks are the only ones working (hint: they're not the only ones).

Large-cap Tech outperforming does not mean that market breadth is weakening. It just means that Large-cap Tech is outperforming.

This is classic sector rotation - a characteristic regularly found throughout bull markets.

So what comes next?

From the Desk of Kimmy Sokoloff

The market was full speed ahead, again, and we closed a gap above at $SPY 415.27.

SPY held support at 410 like a charm.

Fresh off their annual meeting, Warren Buffett’s Berkshire Hathaway takes the spotlight on today’s hot list.

Buffett and Berkshire continue to accumulate shares of Occidental Petroleum $OXY, disclosing yet another purchase, this one worth roughly $125 million. 

From the Desk of Kimmy Sokoloff

Talks over the debt ceiling are still going on, and the futures are higher in hopes of an outcome.

The 410 area has been a solid support level for $SPY. We've broken below there for short periods, but we continue to hold it.

This is the video recording of the May 17, 2023, Inside Scoop Weekly Strategy Session.

This is the video recording of the May 2023 Mid-month Conference Call.

From the Desk of Kimmy Sokoloff

And, once again, this market is range-bound...

There are still opportunities out there, you just have to look for them.