The largest insider buy on today’s list comes in a Form 4 filing by Kelcy Warren, co-founder and executive chairman of Energy Transfer $ET.

Warren reported an additional purchase of ET stock, this one worth $12.5 million.

From the Desk of Kimmy Sokoloff

Yesterday we broke out of this sideways channel on $SPY, and this morning the market is gapping up.

We have near-term resistance at 417.50 or so, which was the May 1 high.

Sector Rotation is the life blood of a bull market.

In the back half of last year, almost everything was working - except for some growth stocks and Tech.

Then came 2023. The best performers have been growth stocks and Tech.

That's what we mean by "sector rotation".

Last year they were all bitching about the fact that these Tech stocks and the Nasdaq weren't working, even through practically everything else was.

This year they're bitching that these Tech stocks are the only ones working (hint: they're not the only ones).

Large-cap Tech outperforming does not mean that market breadth is weakening. It just means that Large-cap Tech is outperforming.

This is classic sector rotation - a characteristic regularly found throughout bull markets.

So what comes next?

From the Desk of Kimmy Sokoloff

The market was full speed ahead, again, and we closed a gap above at $SPY 415.27.

SPY held support at 410 like a charm.

We had a resting GTC order filled at our profit target in the Paid-to-Play portfolio today:

[9/7: stop moved to 260. We're already #FreeRiding on this one. So whatever we sell the remaining position for is pure profit!]

Today's trade leans against a significant support level that we believe will hold. But because the stock is at such a delicate level where it could quickly collapse on us if the level doesn't hold, we're going to keep the play simple and cleanly define our risks.

A picture is worth a thousand words, so here's the chart of Caterpillar $CAT that's got our attention:

We've adjusted a position in the Paid-to-Play portfolio today:

Fresh off their annual meeting, Warren Buffett’s Berkshire Hathaway takes the spotlight on today’s hot list.

Buffett and Berkshire continue to accumulate shares of Occidental Petroleum $OXY, disclosing yet another purchase, this one worth roughly $125 million. 

From the Desk of Kimmy Sokoloff

Talks over the debt ceiling are still going on, and the futures are higher in hopes of an outcome.

The 410 area has been a solid support level for $SPY. We've broken below there for short periods, but we continue to hold it.

This is the video recording of the May 2023 Mid-month Conference Call.

From the Desk of Kimmy Sokoloff

And, once again, this market is range-bound...

There are still opportunities out there, you just have to look for them.

We had a resting GTC order filled at our profit target in the Paid-to-Play portfolio today: