New pattern: When oil is down, the market gravitates back to growth. The biotechs, which have been in favor for the last few days, remain that way. However, some of the companies that reported good numbers in the last two weeks are finding footing, with PepsiCo (PEP), which is part of the Action Alerts PLUS portfolio, serving as the best example. That was such a fabulous quarter, but as long as commodities are running nobody cares. Commodities stop running and the money comes right back.
Some of this mini-sea change is pretty profound: Tesla (TSLA) and Alphabet (GOOGL), which also is part of Action Alerts PLUS, are on the move. Some of it is mundane: There goes Ulta (ULTA). But when we see the bids come back to Smucker (SJM), Hershey (HSY) and Constellation Brands (STZ), that's an important signal that the market can have a rotation into the tried and true and isn't a one-trick industrial pony.