Argent Leaders & Laggards 4.22.25
(-) Dollar decline got some blame, it’s not so much the level as the pace of decline. Unexpected volatility upsets a lot of apple carts, but declaring the end of the dollar as global reserve currency is awfully premature.
(-) So did Trump going after Powell again through social media. Jed talked to Reuters today and shared our thoughts on it, “Countries that have an independent central bank grow faster, have lower inflation; they have better economic outcomes for their people,” said Jed Ellerbroek, portfolio manager at Argent Capital Management in St. Louis. “And politicians trying to influence the Fed is a really bad idea, and it’s very scary for the market.” https://www.reuters.com/business/us-stock-futures-drop-trump-takes-aim-powell-2025-04-21/
(-) Only bid out there was for defensives again, gold keeps outperforming. Kroger below, and three of the top performers today were grocery stores, sign of the times. Granted, a decent ready-made section, but Kroger is not doing anything special. Sales and earnings are expected to contract this year, but those stocks are havens in the storm for now.
Mag 7/Mega-cap Tech leading it lower…Google & Tesla earnings this week…
Took back the worst of the decline over the last hour of the day but it was ugly, heavy volume and heavy selling…via Bloomberg & Koyfin…
If things stay as they are its a recession and a whole lot of other knock-off effects that are not good…and if we get some positive headlines or progress or something/anything, then this can shift back the other way in a hurry…in the meantime, until or unless we get a morsel, then the grind lower into April lows makes sense…
Leaders & Laggards:
Thanks,
Ward
————————————————————
Ward Brown
Argent Capital Management, LLC
Argent Capital Management, LLC is required by law to disclose all pertinent information on the firm’s operation in our Summary Disclosure Statement. Past performance is no guarantee of future results. Copies of all pertinent disclosure statements including performance are available upon request or available at www.argentcapital.com