Nasdaq stole the show on Friday with a brand new record high close, Dow & S&P 500 are above 50 DMA......
Reason for this sudden surge are quite a few, some of them are :
-Face to face negotiation between US & North Korea....everything on the table no pre condition.
-Jobs growth of 313,000 was taken as just perfect with no growth in wage inflation.
-Tariffs were imposed with exemption to Canada & Mexico.
- Mr trump is softening his hardline approach to many foreign related issues, it took resignation of Mr Cohn to get a balanced view.
All of the above were major irritant to the psyche of market participants, they all came undone in a very quick 72 hours....never seen quadruple major issues gets resolved in such a short time frame.
Investing theme remains the same, stay with strong stocks and they will come back quickly.
Financials are making new 52 wk highs, but are miles away from new all time highs.
FB remains a laggard and AAPL defying iphone X sales issues.
I expect this week to be strong with Nasdaq making series of new all time highs.
This is a fast moving market in both direction.Sometimes you can catch a change in direction same day from open to close.
Get a quick sense as to what is really working like NFLX, AMZN and what is NOT working TSLA JD.....
Lots of time still left to indulge in new highs stocks
Good luck with your own strategy and comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week:
Performance: +5.02% (YTD: +18.58%)
Notable Winners: GTLS MU EMN TWTR MCHP HCLP SPLK MHO
Notable Losers: X
It was an amazingly good week as the market continues its march back toward the highs. Many stocks are showing breakout characteristics, and it is difficult to maintain discipline with so much going well. As the earnings season winds down, remaining with the strong stocks should be the key to future gains.
Holdings: EMN BAC MU SPLK GTLS X NVDA MHO TWTR YY HCLP OPTN TRIL, cash 0.0%
Stocktrader
Hi Stocktrader,
Last week UP 10.48%
YTD Down 2.04%
Saleem
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