Tsakos Energy Navigation Ltd reported Q4 revenue of $220.2M, down from $270.3M in prior year. EPS was $0.85, below $3.17 in prior year. Adjusted EBITDA was $124M. Cash reserves at $377M, debt at $1.56. Plans to pay $0.60 dividend in June 2024, double the amount in 2023.
In this week’s Dirty Dozen we talk about a high-fidelity breadth reversal signal, rising shipping rates, constructive developments in crude, a bullish PGM play, and a small European market leading global returns, plus more.
The S&P 500 has gained more than 21% so far this year. The cooling in inflation, a less-hawkish Fed, an AI boom, tech rally and an improvement in the corporate earnings have made this rally possible.
June went out near its highs giving us a strong bullish breakout confirmation from the S&P 500’s year-long sideways consolidation. The measured move target for this breakout is around the March-April high at roughly 4,550’ish.
The U.S. stock market wasn’t the only one to rally in 2023, and many U.S.-based investors would have found it beneficial to diversify their portfolios with global stocks and ETFs from roaring emerging market economies.
After a second round of voting, under a different electoral system, New Democracy managed to obtain an absolute majority. A new mandate for PM Kyriakos Mitsotakis looms, with non-trivial challenges ahead.
There are only five trading days left this month. If the S&P 500 can hold these levels into the monthly close, we’ll get a confirmed bull bar breakout from a tight 12-month trading range. This would make it odds on we see a positive return in July.
Both the S&P 500 and the Nasdaq 100 failed to clear key resistance areas this past week. Additionally, the CPI reported that inflation is yet again on the rise sitting over 7% on a year-over-year basis and now talks of the war continue to heat up.
A strong transportation sector is important because this sector helps show the economic demand for goods. And with the holiday season just around the corner, we should see an increase in the movement of goods.
