No changes from BOE this morning and the move was slow, but expected, given this is the last leg of this rally —at least based on my model. $5250-$5260 is still on deck as a target on this final leg, the notes were free to read here last night. There’s no real updates that need explaining that are not there — which makes me always question your gurus who feel the need to write 3 page essays on S&P500 each night.
Moving on….
Inflation Linked Equities Trade
SU & NFG - Those were two that I discussed and NFG is one I own in size through equity and related options. They had a perfect earnings report across all business lines and we’re going to see higher. (Link to earnings here)
If you read that article I effectively laid out the long thesis but those are nice wins off to a great start so far this month.
FCX - This is in the $100K Swing Portfolio and I added into it today. That inflation linked trade across the market is back on. U
Notable Share Buybacks
There have been a lot of share buybacks recently in some names and some in Japan which have been new to my radar given the macro situation there.
IX - They were up +5% today and issued a 40M share buyback which accounts for +17% of their shares. (Link Here) Buybacks and general shareholder regard in Japan is not usually a thing that is common but maybe we’re seeing a shift there. I picked up two other Japanese bank names a few weeks back but they’re traded on that exchange there.
MET & AIG - Met issued a $3B buyback last week and AIG a $10B buyback as well that I flagged here last week.
Those will be added to the report this Sunday.
The Members video recap and continued brief is inside.
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