I depart for Boston tomorrow and will have limited access to the internets until Wednesday, so I wanted to get some thoughts about markets before bed.

* Markets lifted for the month but it was chaotic and narrow
* Most sectors were NET LOWER because of the narrow concentration
* Defensive sectors were impressive

Some notable winners:

$META +10%, $BRK +10%, $LLY +19%, $JPM +5.7%, $WMT +12%, $NFLX +11%, $ISRG +11%, $RACE +20%, $MELI +23%, $SHOP +21%

Focusing in on the winners of +10% or more.

* There were 305 stocks +10% or more
* Median EBITDA was +15.8%. If we only screened for positive EBITDA, the average was +25%
* Median gross margins were +52%
* Average FCF TTM was $802M
* Median rev growth was 9%
* Average market cap was $24b
* Median price of stock was $44

Are you getting it yet? There are methods of trading and there are methods of investing. When investing the above matters, because the fundamentals always, eventually, drive share prices. When trading, price and volume drive the momentum and to be a trader means to be changeable and unfaithful to dogma.

I depart for Boston tomorrow and will have limited access to the internets until Wednesday, so I wanted to get some thoughts about markets before bed.

* Markets lifted for the month but it was chaotic and narrow
* Most sectors were NET LOWER because of the narrow concentration
* Defensive sectors were impressive

Some notable winners:

$META +10%, $BRK +10%, $LLY +19%, $JPM +5.7%, $WMT +12%, $NFLX +11%, $ISRG +11%, $RACE +20%, $MELI +23%, $SHOP +21%

Focusing in on the winners of +10% or more.

* There were 305 stocks +10% or more
* Median EBITDA was +15.8%. If we only screened for positive EBITDA, the average was +25%
* Median gross margins were +52%
* Average FCF TTM was $802M
* Median rev growth was 9%
* Average market cap was $24b
* Median price of stock was $44

Are you getting it yet? There are methods of trading and there are methods of investing. When investing the above matters, because the fundamentals always, eventually, drive share prices. When trading, price and volume drive the momentum and to be a trader means to be changeable and unfaithful to dogma.