We've seen growing evidence of rotation away from mega-cap tech. Indeed, even a textbook 'impressive' beat can lead to a 'sell the news' reaction for these stocks. Betting on more near-term upside from these stocks, no matter what they report, is a tough technical game as they all have extreme 14-day and 14-week Relative Strength Index (RSI) readings in the high 70s to mid-80s.

Stocks fell on Tuesday morning as investors weighed results from major retailers and awaited earnings from Nvidia after the close. Lowe's shares fell after the company cut its full-year guidance, citing weaker purchases of big-ticket items and reduced spending on DIY projects. Best Buy shares also fell following mixed 3Q results and a lower full-year sales forecast. On the housing front, the National Association of Realtors said that U.S. sales of existing homes fell 4.1% in October to a seasonally adjusted annual rate of 3.79 million units, below the Reuters consensus forecast of 3.90 million. The Dow fell 0.2%, the S&P 0.4%, and the Nasdaq 0.8%. Crude oil fell slightly to $77.50 per barrel, while gold jumped $27 to trade near $2007 per ounce.

In this edition, Markel is no mini-Berkshire; Cigna eyes bigger slice of PBM pie; Gap's struggles; and Guidewire Software, WestRock, and Asbury Automotive Group.

As of the close on Friday, August 18, the major indices had fallen in three consecutive weeks for the first time since December 2022, when they all fell four weeks in a row. The Nasdaq fell to its key 21-week exponential average (EMA) on that Friday and bounced, while the S&P 500 was within 10 points of its 21-week EMA before bouncing. The Nasdaq 100 (QQQ) got within four points of the average and popped. Rebounds on Friday did nothing to erase the short-term downtrends, as the 10- and 21-day EMAs for the indices are above declining price and the indices all undercut their 50-day.

Market sentiment remains tepid, at best, which is no surprise based on the yearlong neutral price action. There are hundreds of sentiment indicators, with more and more coming out each year. And there are big differences between these indicators -- making some more valuable than others. As we see it, market-type polls are the most numerous but certainly not the most valuable, as they reflect investor attitudes toward the overall market but not necessarily about actual positionings. Indicators that show what investors are doing with their money (positionings) are the most valuable, in our opinion.

Stocks Seek to Stabilize after Give-Back February

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Last week, we noted a burst of insider transactions coming out of the now-concluded earnings season. Insiders typically sell stock more often than they buy stock -- but as is the case with most measurements, increased volume brings with it increased significance. The sentiment exposed by the data last week was more-cautious than normal. But, as we wrote, it was 'nowhere near a level that is cause for us to sound an alarm.'

Monday Tee-Up: Housing, Consumers, Manufacturing

onday Tee-Up: Housing, Consumers, Manufacturing

Stocks have struggled in 2022, in particular over the past two weeks. In response, several insider-sentiment readings from Vickers Stock Research are now positive -- suggesting that insiders are using the current dip as an opportunity to buy stocks at seemingly reduced prices.

Stocks gave up early gains on Wednesday morning as investors continued to watch developments in Ukraine, and Western nations imposed a first round of sanctions on Russia. On the earnings front, Lowe's shares rose 3% after the home improvement retailer posted better-than-expected 4Q results and raised its sales and earnings guidance for 2022. The Dow fell 0.1%, the S&P 0.4%, and the Nasdaq 0.5%. Crude oil traded near $92 per barrel, while gold rose $3 to $1911 per ounce.

Economy, Earnings Help Market to Push Past Concerns

Recovery Continues Even as Delta Casts Shadow

Stocks were mixed on Thursday morning following news that the Biden administration would support intellectual property waivers on coronavirus vaccines. Pfizer and Moderna shares were down sharply, though JNJ was flat. On the employment front, the Labor Department said that first-time claims for state unemployment benefits fell to 498,000 for the week ended May 1, down from 590,000 a week earlier and below the Bloomberg consensus of 538,000. The Dow rose 0.4%, the S&P rose 0.1%, and the Nasdaq fell 0.3%. Crude oil fell 1% to $65 per barrel, while gold traded near $1815 per ounce.

Stocks fell on Thursday morning, reversing Wednesday's gains, following mixed earnings reports and new employment data. The Labor Department said that first-time claims for state unemployment benefits fell to 730,000 for the week ended February 20, down from a revised 841,000 a week earlier and below the Bloomberg consensus forecast of 825,000. Moderna shares rose 6%, despite a wider-than-expected 4Q loss, as revenue far exceeded the consensus estimate. The company also said that it expected to produce at least 700 million doses of its coronavirus vaccine this year, up from its prior forecast, and 1.4 billion in 2022. The Dow fell 0.4%, the S&P 0.7%, and the Nasdaq 1.0%. Crude oil fell slightly to $63 per barrel, while gold traded near $1781 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Stocks were mixed last week, with growth stocks barely positive and blue chips down by a small amount. The choppy market action reflected concerns about worsening COVID cases and the president's election challenges offset by filing of expedited use requests from vaccine makers Moderna and Pfizer. On Friday, the Dow Jones Industrial Average fell 220 points, or 0.75%. The S&P 500 dropped 24 points, or 0.68%, and the Nasdaq Composite was down 50 points or 0.42%. Last week, the Dow was down 0.73%, breaking a two-week stretch of 5%-plus gains. The S&P 500 declined 0.77%. The Nasdaq was up for the week, but only by 26 points or less than a quarter-percentage-point. For the year-to-date, the DJIA remains in positive territory with a gain of 2.5%. The S&P is up 10.1%, and the Nasdaq is up 32.2%. Over the past 52 weeks, the Dow is up 5.0%, the S&P 500 is up 14.4%, and the Nasdaq is up 39.1%.

Stocks were mixed on Tuesday morning as investors weighed earnings from Walmart and Kohl's and new housing market data. Walmart topped consensus revenue and earnings estimates in fiscal 2Q, noting that the strong results were boosted by enhanced unemployment benefits and other government aid. Kohl's shares fell more than 15% after the company reported a 2Q loss and warned of a challenging back-to-school season. Meanwhile, the Commerce Department said that housing starts rose a strong 22.6% in July to an annualized 1.496 million units, well above the Reuters consensus forecast of 1.24 million. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.4%. Crude oil traded near $42.50 per barrel, while gold rose $15 to $2014 per ounce.

Stocks were mixed on Tuesday morning as investors weighed earnings from Walmart and Kohl's and new housing market data. Walmart topped consensus revenue and earnings estimates in fiscal 2Q, noting that the strong results were boosted by enhanced unemployment benefits and other government aid. Kohl's shares fell more than 15% after the company reported a 2Q loss and warned of a challenging back-to-school season. Meanwhile, the Commerce Department said that housing starts rose a strong 22.6% in July to an annualized 1.496 million units, well above the Reuters consensus forecast of 1.24 million. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.4%. Crude oil traded near $42.50 per barrel, while gold rose $15 to $2014 per ounce.

Stocks bounced to positive at the close on Friday, capping a strong week. Every state has now reopened to some degree, lifting market sentiment. The Dow Jones Industrial Average was fractionally lower Friday, but the Nasdaq Composite advanced 0.4% and the S&P 500 added 0.2%. For the full week, the Dow added nearly 800 points and rose 3.3%. The S&P 500 rose 3.2%, and the Nasdaq 3.4%. Year-to-date losses are now 14.3% for the Dow and 8.5% for the S&P 500, while the Nasdaq is up 3.9%. Over the past 52 weeks, both the Nasdaq and the S&P 500 are positive. The S&P 500 is up 4.6% over the past year, while the Nasdaq is up an impressive 22.1%.

Stocks bounced to positive at the close on Friday, capping a strong week. Every state has now reopened to some degree, lifting market sentiment. The Dow Jones Industrial Average was fractionally lower Friday, but the Nasdaq Composite advanced 0.4% and the S&P 500 added 0.2%. For the full week, the Dow added nearly 800 points and rose 3.3%. The S&P 500 rose 3.2%, and the Nasdaq 3.4%. Year-to-date losses are now 14.3% for the Dow and 8.5% for the S&P 500, while the Nasdaq is up 3.9%. Over the past 52 weeks, both the Nasdaq and the S&P 500 are positive. The S&P 500 is up 4.6% over the past year, while the Nasdaq is up an impressive 22.1%.

Markel's primary business is property and casualty insurance, and the company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a little over 20% of premiums. The company uses capital generated by its insurance operations to buy noninsurance operations in diverse areas, such as bakery equipment manufacturing and residential homebuilding.

The markets are anticipatory, and that was demonstrated with emphasis recently. Business activity in the U.S. in the last week of February was virtually identical with that in the prior week, but investors behaved as though the sky had fallen.

The markets are anticipatory, and that was demonstrated with emphasis recently. Business activity in the U.S. in the last week of February was virtually identical with that in the prior week, but investors behaved as though the sky had fallen.

Stocks were mixed on Tuesday morning as investors weighed earnings from Walmart and Kohl's and new housing market data. Walmart topped consensus revenue and earnings estimates in fiscal 2Q, noting that the strong results were boosted by enhanced unemployment benefits and other government aid. Kohl's shares fell more than 15% after the company reported a 2Q loss and warned of a challenging back-to-school season. Meanwhile, the Commerce Department said that housing starts rose a strong 22.6% in July to an annualized 1.496 million units, well above the Reuters consensus forecast of 1.24 million. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.4%. Crude oil traded near $42.50 per barrel, while gold rose $15 to $2014 per ounce.

Stocks bounced to positive at the close on Friday, capping a strong week. Every state has now reopened to some degree, lifting market sentiment. The Dow Jones Industrial Average was fractionally lower Friday, but the Nasdaq Composite advanced 0.4% and the S&P 500 added 0.2%. For the full week, the Dow added nearly 800 points and rose 3.3%. The S&P 500 rose 3.2%, and the Nasdaq 3.4%. Year-to-date losses are now 14.3% for the Dow and 8.5% for the S&P 500, while the Nasdaq is up 3.9%. Over the past 52 weeks, both the Nasdaq and the S&P 500 are positive. The S&P 500 is up 4.6% over the past year, while the Nasdaq is up an impressive 22.1%.

The markets are anticipatory, and that was demonstrated with emphasis recently. Business activity in the U.S. in the last week of February was virtually identical with that in the prior week, but investors behaved as though the sky had fallen.

Stocks edged higher on Wednesday morning amid continued trade optimism and better-than-expected 3Q GDP. In its second estimate, the Commerce Department said that the economy expanded at a 2.1% annualized rate in the third quarter, up from its prior estimate of 1.9% and above the Reuters consensus forecast. On the earnings front, Deere shares fell 5% after the farm equipment company posted lower fiscal 4Q earnings and issued disappointing guidance for FY20. The Dow was flat, the S&P rose 0.2%, and the Nasdaq rose 0.5%. Crude oil traded near $57.50 per barrel, while gold fell $6 to $1454 per ounce.

Stocks edged higher on Wednesday morning amid continued trade optimism and better-than-expected 3Q GDP. In its second estimate, the Commerce Department said that the economy expanded at a 2.1% annualized rate in the third quarter, up from its prior estimate of 1.9% and above the Reuters consensus forecast. On the earnings front, Deere shares fell 5% after the farm equipment company posted lower fiscal 4Q earnings and issued disappointing guidance for FY20. The Dow was flat, the S&P rose 0.2%, and the Nasdaq rose 0.5%. Crude oil traded near $57.50 per barrel, while gold fell $6 to $1454 per ounce.

Stocks edged higher on Wednesday morning amid continued trade optimism and better-than-expected 3Q GDP. In its second estimate, the Commerce Department said that the economy expanded at a 2.1% annualized rate in the third quarter, up from its prior estimate of 1.9% and above the Reuters consensus forecast. On the earnings front, Deere shares fell 5% after the farm equipment company posted lower fiscal 4Q earnings and issued disappointing guidance for FY20. The Dow was flat, the S&P rose 0.2%, and the Nasdaq rose 0.5%. Crude oil traded near $57.50 per barrel, while gold fell $6 to $1454 per ounce.