The Woke Street Journal
Oh no, my dog doesn’t like big dogs…
Market
The downturn on Thursday was almost completely retraced on Friday.
Bearish Trades Crater Fast in Wall Street’s High-Momentum Rally-Bloomberg
Sky-high valuations, a foot-dragging Federal Reserve and an equally intractable political backdrop all put prudence at a premium. Yet practically every bearish impulse has proven costly as Corporate America’s earnings engine powers ahead. Animal spirits are raging in crypto and returning in select emerging markets, while riskier corporate bonds continue to best their higher-quality counterparts.
SPY had an undercut and rally at the 10 day moving average…
The Dow stocks are still laggards…
Rates came down a bit, but still look to be in an uptrend..
Quiet week in terms of data until PCE on Friday.
Interesting note this weekend from Johnathan Krinsky…
The top 10 names in the S&P 500 now make up 35% of the index, a new record high. We call this the breadth paradox because the bigger of a weight these names become in the index, the less breadth matters, assuming these names continue to move higher. In 2021, breadth peaked in April. Yet the SPX didn’t peak until the very end of December, coincident with the Top 10 names peaking. Last Thursday's negative outside day certainly felt bearish, but we find it's not as clear-cut of a sell signal as many think. That said, it should at least be another yellow light to bulls. Our bigger issue, and again this is likely not an imminent negative for the SPX given the market structure, is the widespread weakness across many consumer touch points. Boats & RVs, Transports, Auto-Part Suppliers, Restaurants, Casinos, as well as more recently Hotels and Homebuilders have all shown significant relative, and recently absolute weakness.
Woke Companies
How the Stop Woke Investing Act can reaffirm corporate America’s purpose-The Hill
Left-wing activists weaponize the shareholder voting process by compelling publicly traded companies to adopt policies that are rooted in politics and irrelevant to their financial performance. Congressional legislation is needed to tamp down on the number of activist resolutions and focus on reforms that can improve public companies and provide financial benefits to all shareholders.
Poll: Right-Leaning Brands Gain in Reputation as Left-Leaning Ones Drop-Breitbart
The conservative movement is beginning to overcome the left’s culture war in corporate boardrooms, the polling suggests.
Companies identified as conservative that received a boost in reputation include Hobby Lobby, Subway, the Trump Organization, Fox Corporation, and Dell, the poll found.
Brands considered quintessentially American also increased in reputation, such as Coca-Cola and PepsiCo. Their boost also came from independents and Democrats, the poll discovered.
The data, in contrast, revealed “overwhelming cynicism across respondents from all parties toward progressive corporate messaging,” Axios reported:
“Companies perceived as being overly focused on diversity, equity and inclusion initiatives (DEI) continued to see significant reputation declines around trust.
Bud Light parent Anheuser-Busch saw its reputation score plummet six points following last year’s right-wing backlash to a marketing campaign featuring transgender influencer Dylan Mulvaney.
Target’s score also declined after a controversy over LGBTQ+ Pride products.”
Bob Iger Claims Disney Has No Woke Agenda; Reaffirms DEI Commitment-Bleeding Fool
If it breaks $100 there is support at $97.50, then you have the 200 day.
‘Little Mermaid’ director says Disney needs ‘course correction’ from woke message-NY Post
Musker, who co-directed some of the studio’s most popular films in recent decades, like “The Little Mermaid,” “Aladdin” and “Moana,” commented on the state of Disney in a recent interview, saying the company needs to steer away from pushing a woke message and focus on characters and story above all.
AMC Places Trigger Warning On ‘Goodfellas.’ Instantly Regrets It.-Daily Wire
The AMC networks have attached a trigger warning to the classic mafia movie “Goodfellas.” The warning reads — and as God is my witness, I am not making this up — “This film includes language and/or cultural stereotypes that are inconsistent with today’s standards of inclusion and tolerance and may offend some viewers.”
ESG
Arizona State Retirement System (ASRS) used Arizonans’ pension funds to back environmental, social and governance (ESG) shareholder resolutions on issues including race, gender, climate and politics, according to documents AAF obtained through a public records request. ASRS utilizes proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis, who have each expressed support for ESG initiatives.
American Airlines Faces Pilot’s Class Action For Mismanaging 401(k) Funds With ESG Goals-View From the Wing
The case revolves around the allegation that American Airlines—headquartered in Fort Worth, Texas—violated its fiduciary obligation to the Employee Retirement Income Security Act (ERISA) “by investing millions of dollars of American Airlines employees’ retirement savings with investment managers and investment funds that pursue political agendas” through ESG initiatives.
“By pursuing ESG goals, Defendants gave Plan assets to fund managers, such as BlackRock, who allegedly ignored financial returns as the exclusive purpose and lowered the value of Plan participants’ investments,” the order states.
DEI
DEI is going to get people killed: Medical edition-Washington Examiner
Several faculty members at the University of California, Los Angeles, blew the whistle to journalist Aaron Sibarium that UCLA’s medical school has been admitting students who do not reach the expected academic requirements because the students instead reach DEI requirements. Dean of Admissions Jennifer Lucero blew up on one admissions official for questioning the subpar qualifications of a black student because “we need people like this” in medical school because “African-American women are dying at a higher rate than everybody else.”
Woke
USA Today Newspapers Quietly Remove Sen. Kennedy’s Op-Ed Calling For Men To Stay Out Of Women’s Sports-Daily Caller
“Athletic officials and other adult decision-makers ignored the privacy and dignity of young female athletes to help a biological male/transgender female feel included. They also put women and girls at risk of suffering much more severe injuries than they would typically face when playing against female opponents,” the op-ed reads. “Biological women are more susceptible to injuries than biological men. Female soccer players, for example, are twice as likely to suffer concussions as male soccer players, in part because men have different neck-strength-to-head-size ratios that help them better absorb blows.”
Climate Change
How stupid is this. One of the main reasons I wouldn’t own an EV. Buttigieg Grilled Over Biden Admin’s Push For Electric Vehicles, Failure To Build Charging Network-Daily Wire
Border
What’s going on here? Sounds like an invasion. U.S. Navy Commander: ‘Russian, Chinese’ Nationals Trying To Enter U.S. Navy Bases In America Every Week-Daily Wire
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