In today’s briefing:
- Consolidation Likely, But Little Reason to Be Bearish; Buys Within Biotech, Latin American Banks
- BlackRock: Higher Entry Fees And Incentives Inbound (Rating Upgrade)
- Agnico Eagle Mines: Volatility Is To Be Expected, But Fundamentals Remain Strong
Consolidation Likely, But Little Reason to Be Bearish; Buys Within Biotech, Latin American Banks
- The S&P 500 is 1% above the 4300-4325 area which we anticipated would cap upside for 2023.
- Our view since our 5/30/23 ETF Pathfinder is that we cannot be bearish if the SPX is above 4050, and we subsequently moved that line-in-the-sand up to 4165-4200 on 6/6/23.
- We are moving that threshold up to 4300, which is short-term support to watch; a break below it could bring selling pressure.
BlackRock: Higher Entry Fees And Incentives Inbound (Rating Upgrade)
- BlackRock, Inc. stock is overlooked, as most market participants have yet to recognize the firm’s recent inflection points.
- The firm’s base rates improved in Q1, which we think will continue into late 2023 and early 2024.
- However, we still back BlackRock’s stock to succeed.
Agnico Eagle Mines: Volatility Is To Be Expected, But Fundamentals Remain Strong
- Agnico Eagle Mines has outperformed the S&P 500 and gold on an absolute basis.
- Agnico’s business fundamentals remain strong, in spite of market-wide headwinds and more aggressive business expansion.
- Short-term volatility due to outside factors is to be expected, but AgnICO’s business fundamental remains strong.
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