The Stock Market Civil War
As we approach the mid-point of September, the stock market and its direction are increasingly a battle between the haves and have nots. At one end there appears to be some energy stocks that are breaking out to the upside, both from a relative and absolute standpoint, but that’s coming at the expense of consumer stocks, which are showing signs of pronounced strain amidst higher energy prices and persistent inflation. In this week’s market update, we will review what energy leadership may mean for the broader tape and some of the implications of a potential breakdown for Apple’s stock.
Key Takeaways
- Energy and oil prices continue to break out – Supply falling, demand is resilient
- The weakness in consumer stocks is spreading across the sector
- Commodities as an asset class appear to be historically cheap
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