Diamonds and Dogs
Financials reign supreme. The financial sector jumped 3% to a new 52 week high on rumors the Trump team will work to dismantle the Dodd-Frank Act. It's true Trump will be good for the financials, but maybe we're pricing in too much optimism. JPMorgan is up 8% in two days, Goldman Sachs is up 8% in two days, Wells Fargo is up 13% in two days, while local bank, NBT Bancorp is up 12% in two days. Amazing rally.
Boring isn't beautiful. The Dow Jones made new all-time highs, but the slow grow Utilities, Consumer Staples, and Telecoms are taking it on the chin. The three best performing sectors for the first half of the year are not in favor anymore. The Utilities were down 2%, the Telecom stocks were down 2% and Consumer Staples like P&G was down 3%, Phillip Morris was down 4%, Altria was down 3%, and Coke fell 3%.