It’s been a wild week on Wall Street following the failures of SVB Financial ‘s (SIVB) Silicon Valley Bank and Signature Bank and subsequent actions taken by regulators and major banks to boost confidence in the U.S. financial sector. The Club followed through on what Jim Cramer laid out last Sunday, using this week’s volatility to opportunistically buy on market pullbacks. In fits and starts, bank stocks were under pressure all week. Our financials Wells Fargo (WFC) and Morgan Stanley (MS) were not immune to the selling. We took no action on either this week. However, with our trusted S & P 500 Short Range Oscillator signaling an oversold market, we did find things to buy every day — high-quality names that are right for the current economic climate. With so many trades, eight stocks in all, here’s a recap for Club members that further explains how our broader view of the market influences our buying decisions. Monday Monday was our busiest day . Before the bell, we decided to put some of our big cash position to work by making three separate trades in luxury beauty brand Estee Lauder (EL), cybersecurity giant Palo Alto Networks (PANW) and oil name Pioneer Natural Resources (PXD). Early in the session, we bought 30 shares of EL following a strong earnings call from Ulta Beauty (ULTA), which reported double-digit growth in its prestige skincare lineup, accelerating growth in makeup and a solid quarter in fragrances. We viewed the Ulta results as a positive read-through to Estee Lauder, which has similar in-demand products. We added 25 shares to our PANW position. We were pleased with the tech firm’s strong fiscal second-quarter earnings beat in late February, specifically booking GAAP profitability over the last four quarters. This achievement makes the company eligible for inclusion in the S & P 500. Two spots opened up when SVB and Signature collapsed. While neither went to Palo Alto, we think it’s only a matter of time before PANW is added to the index. We…
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