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Visa and other big names report next week. Can earnings deliver on these higher multiples? 36x for the top 7 stocks, but only 17x for the rest of the market--which is reasonable. Unsure if the top stocks can deliver, though the others can. Next week, watch for reports from healthcare.

This week shows that there's resilience in the market. It's healthy that discretionary and tech stocks will (if it happens) work off current overbuying. He's not excited by airline stocks, given today's news that American Express' CEO notes that card users are spending less on hotel and travel, and spending more on dining out. Technicals are extended for the homebuilders, so that's a challenge for that sector. Tech won't give up leadership, but will remain leaders, which is good; we haven't seen leadership since March 2022. In October, if the S&P sits near current levels, he predicts an all-time high made on the S&P.

He doesn't trust the regional banks, expecting more consolidation. Prefers big banks, so he's holding onto this. In Q4, he expects the S&P to make a new high, so trading revenues for the banks will be strong. You have to own financials now.

He owns Visa and Mastercard, but not AmEx over its debt-to-equity ratio. AmEx does have strong momentum now, though. It is approaching tougher comps, but this is a buying opportunity because it can be perceived as weakness. All told, he is considering buying this.

An analyst reiterated it a top pick today at a $55 price target. Shares have been rallying this year, up 50% in 3 months. He targets $65, an all-time high. Profitability is the story. Note that there's an economic contraction in Europe, so we don't see the strength of Uber's international. If this joins the S&P, it will benefit Uber like it did Tesla. They have dramatically improved the balance sheet and their culture. Stay patient and this will reward you.

He missed this unfortunately. They benefited from the reopening with consumers traveling strong. Sold it way too early in 2021.

Doesn't like casino-resorts; never believed in their balance sheets. Yes, he's wrong in the face of the strong share moves, but he still won't buy them.

They're getting into private credit lending, a $1.5-trillion industry and new asset class on Wall Street.

Reported a mixed quarter, but she has faith and is holding on and even bought more. Why? the US consumer grew 13% and international card spend grew 23%. Overall card member spend is at an all-time high. She bought on today's dip and expects AmEx to grow earnings substantially this year.

She just bought more after the report: beat on EBITDA and earnings as margins grew. 14 of 25 global geographies grew 20%; 7 grew 30%. Free cash flow is strong.

Tech names are priced for perfection and have moved up sharply this year. He's pleased to see transports, health and materials rally now, because that shows the rally broadening out. He's looking at Chevron, Boeing and Exxon Mobile, for instance. Multiple expansion is the first leg of a bull market. If there are misses like with Tesla and Netflix then other big tech could fall like that. Megatech is certainly vulnerable to a pullback. Look at Tesla and Netflix this week. Healthcare and energy will likely be the best-performing sectors for the rest of the year; they have underperformed so far this year. The labour market remains tight, which is a catalyst for healthcare. Energy stocks are pricing in a recession.

He ran out of patience. PNC missed on the topline, beat on the bottom in its report. Money is flowing to the big banks instead, while big regionals like PNC are stuck in no-man's land.

Reported a mixed quarter, but another record revenue quarter. Likes it. Are concerns over higher provisions and some delinquencies. 60% of new cardholders are millennials which is really a good growth opportunity.

Up 31% YTD. Cross-border travel is a tailwind, 35% of revenue coming overseas. He expects rev-par growth of 16%. He expects a strong quarter.

Up nearly 50% YTD. He's thinking of trimming his holding, and may look at Wynn Resorts for having more exposure to Macau. MGM is building their presence there, though, and Bet MGM is a good catalyst. This has run a lot this year.