The stock market gained on Friday to close out its best week since June 2020. The growth was due to the slowed down inflation that raised investors’ hopes that the Federal Reserve would slow its tightening campaign.
Overall, S&P 500 grew 0.9% to 3,993, while NASDAQ was up 1.9% to 11,323.
Tweet of the Day
After the total criminal scams of Celsius, FTX & 100s of crypto Ponzi schemes NO ONE (not retail suckers nor sophisticated suckers) should trust ANY crypto platform/exchange. If you put a single penny in any crypto exchange, even a pseudo “regulated” one, you are a reckless fool!
— Nouriel Roubini (@Nouriel) November 11, 2022
Chart of the Day
Our chart of the day is the one-year chart of Sherwin-Williams (SHW) as of November 5, 2022, when the stock was at $216.
Sherwin-Williams has the #1 brand in paint (Sherwin-Williams), stain (Minwax), spray paint (Krylon), auto paint (Dupli-Color), and water sealer (Thompson’s).
It seems like SHW is already done with its recession as Q3 profits hit an all-time high. The stock also looks to have put in a bottom, and is now posted to move higher.
The big picture here is this company has already had four qtrs of poor profit growth (-24% 5QtrsAgo, -21% 4QtrsAgo, -22% 3QtrsAgo, -9% 2QtrsAgo), then profit growth returned last qtr (+35%).
SHW is part of the Conservative Growth Portfolio. David Sharek’s Fair Value P/E is 28.
