S&P 500 Ends At Another ATH, President Hosts Japanese PM

The market melted higher for much of the week as earnings started off pretty strong at most of the large banks. The S&P 500 closed at 4,185.47 up from 4,128.80 last Friday which was also an all-time-high. Other positive economic data continues trickling in. Growth rates are projected to be quite high in Q2. Despite the highs, we have seen Epicenter underperform over the last month, which was led by Technology. Health Care actually led this week with a 5D gain of 3.35%, followed by Materials at 2.91% and Utilities at 2.74%. The leadership struck us as odd, but we’re confident that Epicenter will pleasantly surprise when they report. Vaccination progress is immense and should permit a return to normal, perhaps a bit sooner than consensus thinks.

We know there’s been some pain in the Epicenter names, however, we still remain confident that these names contain the highest upside based on their capacity for upside Earnings surprises. We have upgraded our stock lists last week and added some names to the Power Epicenter list, be sure to check it out. We think some of the best names in the worst affected industries will begin flexing their new operating leverage in ways that will show unexpected strength to a wary consensus that seems perpetually enamored with Growth. We think this boom will be more smokestack-ey.

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