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We judge current sentiment by the market’s reaction to the news. Apple, Amazon, Shopify missed earnings estimates citing supply chain difficulties and yet finished the week where they started it or higher. Google and Microsoft reported another set of strong numbers and rocketed to new all-time highs. Bad news counts for nothing and good news leads to big moves higher. This is one resilient market.
Anything clean energy continues to be on fire. TSLA had another banner week cementing its place in the trillion-dollar market cap club. Enphase (ENPH) crushed earnings estimates and fueled a major rally in the solar industry. The easiest way to gain exposure to this theme is the ETF PBW, which doesn’t include only solar stocks, but also electric vehicles makers, batteries, other parts, clear energy utilities, lithium, and other rare-earth metals, fuel cells, charging stations, etc.
US Treasuries rallied, interest rates calmed down for the moment which has been a tailwind for high-multiple software stocks. Yes, there were the usual sizable earnings blowups in the sector like ZEN, UPWK, TWLO but for the most part software names have been stable and pushing higher – U, SNOW, CRWD, ZS, DDOG, NCNO, TEAM, MANH, IGV, etc.
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