INK Ultra Money: Subtle bullish signals from a selloff

While it is often obvious who the losers are in a market rout, the winners can sometimes be harder to recognize. Technology stocks were the clear big dollar losers on Tuesday, falling almost on queue after back-to-back warnings from INK in our market report Monday and Charlie McElligot on INK Ultra Money yesterday (premium). Some of the winners, as it turns out, are leveraged to the economy. Copper miner Taseko Mines (TKO) advanced 2.9%, bucking the drop in precious metals mining shares. Meanwhile, outside of the resource space, there was a surprise winner.

The surprise was Corus Entertainment (CJR.B) +2.8% which we highlight in today's morning report.

A surprise winner in the Tuesday selloff

The decent performance of some economy sensitive names combined with a bond selloff suggests that the medium-term growth outlook may well be improving. In our view, it remains to be seen whether that growth will be real or G-economy inflation. In another impressive appearance on Real Vision, senior editor Tyler Neville makes a bullish case for stocks and a bearish one for fixed income in the August 11th free Daily Briefing. He remains upbeat on gold stocks and downbeat on banks. It is well worth the listen as he and Ash Bennington dissect the Tuesday market action.

The feature Real Vision episode today heads down to the company level with turnaround specialist Tony Alvarez. He believes companies of all stripes have to seize on the pandemic period as an opportunity to gain market share. He also provides a generally upbeat assessment on things while acknowledging that some industries are going to experience profound change. Watch the deep dive here.

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Disclosure: I hold Taskeo Mines (TKO).

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