Today, Jim Lebenthal and Joe Terranova commented about whether LULU-Q, AVGO-Q, CRWD-Q, NFLX-Q, DIS-N, HD-N, NKE-N are stocks to buy or sell.
He didn't defeat seasonal weakness. Powell just read yesterday's newspaper, and the market already priced in what he said today. The market realizes the risk that the economy stays longer than the Fed is comfortable with and the Fed will have to raise rates further. Powell is like a trader who's right--but early. Inflation will ultimately be transitory as a trillion dollars of stimulus fades out and disinflation in China that will eventually come here. Ultimately, Powell will do too much.
The market paid more attention to what Powell said than Nvidia. Powell's moves have not caused inflation while inflation has fallen. The market is down only 4% from its high, which is impressive. Also, earnings seem okay, not fantastic, as the big companies are holding their own. His comments were neutral and the market is flat. She presumes no rate hikes in September, and watch future earnings.
Now at a forward PE of 27x, but would buy at 24x. A quality company.