The major indices have completed their second consecutive strong month following April's roller coaster ride. In June, the S&P 500 (SPX) was up 5.1%, the S&P 100 (OEX) 5.6%, the Invesco S&P 500 Top 50 (XLG) 6.2%, the Nasdaq 6.6%, and the Nasdaq 100 (QQQ) 6.5%. For the second quarter, the SPX tacked on almost 11%, the OEX 12.4%, the XLG 13.7%, the Nasdaq 17.8%, and the QQQ 18%. With the higher-beta, higher-capitalization indices showing the most strength in the past month and in the past quarter, it's not hard to figure out that mega-cap Information Technology was back on top. So has FOMO (fear of missing out) reached its peak with the major indices all cycling into overbought territory on a daily basis? Most likely not, as market sentiment still has not reached extreme optimism when we look at the indicators in aggregate. Seasonality, a secondary or tertiary indicator in many technical books (including our book), tells us that we are entering one of the best months of the year and best months of a post-presidential election year. Over the past 20 Julys, the SPX is up 79% of the time, with an average gain of 2.5%. That gain is the highest of all months for the period. In post-election years, the SPX has risen 68% of the time in July, with an average gain of 2.5%. In the past nine years, the index is up in seven of those Julys. The Nasdaq is up in 75% of the past 20 Julys, with an average return of 4.2%, while the QQQ also is up 75% of the time, with an average gain of 4.4%. Other than November, July returns lead all other months. Those are high expectations after a great run! (Mark Arbeter, CMT)

Vickers Stock Research, a subsidiary of Argus Research Group, analyzes insider trading and institutional stock ownership. Form 13-F, which institutions must file to report their holdings, is due 45 days after the end of calendar quarters and have come in for 4Q24. We review the 13-Fs of major institutional investors to see what they are buying and to look for trends. Volatility in the stock market during the first quarter gave those institutional investors a chance to buy the dips, picking up some new companies or adding to existing holdings. Buying took place across a variety of sectors. Based on Vickers data, here are select purchases made in 1Q by some high-profile money managers. That ratings shown are from Argus Research.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

Uber Technologies, founded in San Francisco in 2009, is an American multinational transportation network company offering services that include peer-to-peer ridesharing, ride service hailing, food delivery, and a bicycle-sharing system. The company is based in San Francisco and has operations in over 785 metropolitan areas worldwide. The company completed its IPO on May 10, 2019 at $45 per share. In addition, the shares are a component of the S&P 500 index and the company employs approximately 31,100 employees.