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“I’d rather be dead than sing ‘Satisfaction’ when I’m 45.” – Mick Jagger, 1975

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

After breaking a nine-day winning streak yesterday, the S&P 500 is trading down roughly 0.75-1.00% pre-market as the rally takes a breather.  As shown below, 10-day advance/decline lines for many key sectors are at their most overbought levels of the past year, so downside mean reversion here should be totally expected.

While futures are lower, we’d note that it has been a strong week for earnings so far with thirteen companies raising guidance versus just three that have lowered guidance.  There have also been nine triple plays already this week.

A few weeks ago we published a Chart of the Day that featured stocks that have consistently reported earnings triple plays in the past few years that also appear to be less exposed to tariffs.  As shown below, many of the stocks that we highlighted have had very nice runs over the last week: