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Where is Leadership Coming From?

Financials have been a leader since the start of May, but what does Bill Baruch have his eye on?


Published on May 10, 2024 



To Bill Baruch got be of a bullish note today from Mayo Goliath winning reiterates that target 44. Now it feels there's more upside to our numbers than downside. By

and may this bull market is here to stay. And that's and that's really kind of how I'm looking at things. I mean, we have have had this really sort of correction that was very, very low and shallow. And year two of a bull market, we get leadership from financials, healthcare utilities. And as you talked about, broadly, the rally what are we getting this week, we've seen the banks and we've seen utilities in the Bank of America, Morgan Stanley, all these names are performing really, really well. Now, I'm not going to sit here and say, you know, I'm rotating into these yet. I mean, we we've done we've planted seeds and prepared for this. But I still think the thrust is to come from from tech here as as we evolve.


I mean, you're not rotating in, you're already in Bank of America, JP Morgan and Morgan Stanley, we're going to rotate into meaning heavier in it just to prepare for this. This strengthened to come I think I made it, you made a point that tech was not a participant in the leadership here. And I think that I think that we had earnings from some of these big tech companies that were but all roads are going to lead to Nvidia as well. And I think so, I'm not going to go overboard and say we you need to be overweight financials you need you need to be overweight, some of these utilities that have had great weeks this week, I own them, I like them. But I think the thrust that we're going to come out of here in the coming weeks is going to be led by tech barring CPI inflation next week and barring Nvidia in two weeks from now.


Okay, yeah. 12 days from now on the tech company's revenue, right? So you're buying you're buying chips, your data center all this, you know, upstream stuff and it's all filtering through the same companies?


Absolutely. Look at meta when meta reported earnings. They were down what 15% That day? What did Nvidia do it was up 2% That day and because that spending that increased spend that scared people was actually going to Nvidia and that's where I think that one of the reasons that my backbone of saying okay, I'm not going to get overboard on it too excited about about some of the rally in the banks and utilities the moment because I think as we come out of this in video is going to prove us right prove me right and and those that have stuck with the tech and that spending that we've been highlighted in prior earnings reports from alphabet, Amazon, Microsoft Mehta. Apple is gonna show up in a video it's gonna show up in synopsis that's gonna show up in some of these games that have yet to report and that's gonna be a big tailwind and not to mention the macro. I do agree with everything Stephen said with with fetcher Powell. He gave us a green light.

Okay, so Weiss new bye

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