U.S. stocks are tag teaming this unrelenting hot, hot, hot market.
Since election night now nine long months ago (time flies when we’re having fun), Team USA continues to hold the stock market championship belt, and it’s been nothing more than a remarkable team effort.
When one sector appears to be in trouble, another sector stands ready just outside the ropes, all greased up, ready to tag in.
The semiconductors had the market in a cobra clutch until June, but suddenly tired. No problem. They simply touched hands with the financials, who immediately administered the knuckle shuffle. Transports were getting in trouble last month. Energy to the rescue. Utilities were quite the force in May and June, only to run out of steam in July. But there was emerging markets, standing on the ropes, ready to inflict the diving clothesline.
Really, the only sector of Team USA that isn’t contributing is retail, only because so many of them are in the “Amazon is taking over the world” choke hold. But don’t count them out just yet. We’ve seen this move before with McDonalds, Kodak, Microsoft, AOL, Motorola, Pan Am, Blockbuster, Walmart, Sears, Toys”R”Us, Yahoo… Make no mistake, one day the leading sectors will want to tag out and no one will be standing ringside in their spandex shorts. But so long as the sectors keep tag teaming this market, the championship belt is ours.