The great earnings head fake

[Chris Johnson Penny Hawk Header](   The great earnings head fake Tuesday, May 02, 2023 Hello – Earnings so far have helped drive the market higher, as the S&P is up 9% on the year - 1.5% higher since Q2 started at the beginning of March. So on the surface, things are LOOKING GOOD, right? Earnings are beating, the market is up…but my inner Seinfeld is coming out. WHAT IS THE DEAL WITH THAT??? We’ve seen some of the most significant names reported already - big banks, big tech, Apple Inc (AAPL) later this week - but while things may appear to have been all roses, looking under the hood, there’s still a LOT going on. The “safety trade” Utilities Select Sector SPDR Fund (XLU), which has been underperforming the market since the start of 2023, will see heavy earnings next week. And then the most interesting - and headline worthy - is the IShares US Real Estate ETF (IYR). Just two days ago, Berkshire Hathaway legend Charlie Munger said the commercial real estate sector is “in trouble”. Was earnings just front loaded with companies that have done well? Of course this couldn't have been intentional, but that doesn't really matter because it may have still fluffed the market in preparation for a destructive end to earnings. We are going to dig into it on the Long and Short of it this morning and see how bad things could actually get… We are live in five minutes - [click here to join me]( Chris Johnson By texting INCOME to 21852, you are expressly consenting to be texted about investing news, trade alerts and marketing communications from Money Map Press, LLC about Money Morning's Red Alert text messaging service at the phone number you use, even if the phone number is on a corporate, state or national do not call list. You also consent and unconditionally agree to our [Privacy Policy]( and [Terms of Use]( including the arbitration provision and class action waiver contained therein. Your consent is not required to make a purchase. Msgs may be sent using automated technology. Message frequency varies. Msg&data rates may apply. Text HELP for HELP and Text STOP to STOP. You are receiving this e-mail at {EMAIL}, as part of your subscription to Penny Hawk. To remove your email from this list: [unsubscribe here]( To cancel, or for any other questions or requests, please contact our Customer Service team: Online: [Customer Service Form]( Phone: 888-384-8339 (North America) 443-353-4519 (International) Mail: Penny Hawk | Attn: Member Services | 1125 N Charles Street | Baltimore, MD 21201 Fax: 410-622-3050 Our Customer Service team is available Monday ­ Friday between 9:00 AM and 5:00 PM ET. © 2023 Money Map Press. All Rights Reserved. Nothing in this email should be considered personalized financial advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We expressly forbid our writers from having a financial interest in any security recommended to our readers. All of our employees and agents must wait 24 hours after on-line publication or 72 hours after the mailing of printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. Protected by copyright laws of the United States and international treaties. This Newsletter may only be used pursuant to the subscription agreement and any reproduction, copying, or redistribution (electronic or otherwise, including on the world wide web), in whole or in part, is strictly prohibited without the express written permission of: Money Map Press. 1125 N Charles Street, Baltimore, MD 21201. [Website]( [Privacy Policy]( | [Terms & Conditions](