VOO - S&P 500 Rallies To New All-Time Highs Bullish VOO Heading Into The Summer
2024-05-19 13:46:04 ET
Summary
- I am upgrading the Vanguard S&P 500 ETF from hold to buy due to strong earnings numbers and impressive momentum.
- Utilities is the top-performing sector in the S&P 500 this year, followed by Energy and Communication Services, suggesting broad-based gains.
- The Magnificent 7 stocks continue to see upward earnings revisions helping to lift US large caps' fundamental value while the S&P 493 should see strong YoY EPS changes in H2.
- I highlight key price levels to watch as the VIX has settled at multi-year lows.
It has been what I like to call a "buy everything" market in the last month. I, along with many other market watchers, expected a steeper pullback in US large caps following the high hit on March 28. Alas, it was a mere 6.1% retreat, using intraday prices, on the S&P 500. What's more, equities usually feature volatility heading into the Memorial Day weekend during election years. But the bulls have been strong, with earnings numbers supporting higher stock prices....
S&P 500 Rallies To New All-Time Highs, Bullish VOO Heading Into The Summer