What’s the mantra of this market?
“If you can smoke it, drink it, eat it, or wash your clothes with it, you should own it.” I might even add “or turn your lights on with it.”
Why do I say that? Because it’s not the whiz-bang tech names that have been blowing the lights out this year. It isn’t the industrials or transports or financials, either.
It’s the consumer staples, food and beverage, cleaning supply, and utility firms. That’s especially true today in light of the news Mondelez (MDLZ) is making a play for Hershey (HSY) – a deal that’s prompting to dog-pile into other similar stocks in the hopes they’ll catch a bid, too.
These are exactly the kinds of stocks I’ve been favoring in my Safe Money Report.
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Flight to safety?? Seems like it……
all of which are certainly overbought.
Overbought…..exactly right!! …..And yet, here’s the djia making another run to break through 18,000!! It just keeps right on going!