Russell 2000 keeps making new all time highs repeatedly which is a very bullish sign, Nasdaq is right behind in terms of very close to making a new all time high.
Before we do further analysis, let us look @ comparative picture of RSI :
Nasdaq 67.39
RUT 66.75
SOX 65.13
S&P 500 56.02
XLE 54.76
Dow 51.05
TAN 43.67
Based on the above RSI one can clearly see where the strength is, it is in Nasdaq and RUT, followed closely by SOX which is a very good trio making higher move @ the same time.
Dow TAN & S&P 500 are clearly lagging out performers.
Based on last 72 hours action, the stocks which came back much faster were old favorites like FB GOOG and many other high fliers from several years.
Market strength is much more stable and is able to deal with YOYO trade issues and other politically motivated statements, maybe traders know, in the end everything will be sorted out.
Chinese small caps are rocketing UP and needs some allocation.....
Energy has pulled back and may be ripe for higher move to challenge old highs.
Gold is badly lagging and should be avoided...
Staying put in May has proved to be smart, June may do the same based on how technicals are lined up.
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Last week:
Performance: +3.24% (YTD: +33.86%)
Notable Winners: HUYA VICR GTLS MPC APPN VCEL BEAT
Notable Losers: TRIL EAF MU HAL RCL
I had a lot of both winners and losers last week, but the star remained HUYA with a 21.5% gain. Even though it was a short week, I was still surprised in retrospect that I hadn't made any moves because I sure thought about it constantly! I guess I've finally learned to not fix something not broken? :) I suspect I may make some moves this week as I try to position correctly for the summer.
Holdings: HUYA VICR GTLS BOOM SPLK MU BEAT APPN VCEL HAL BABA MPC SWKS RCL COHU EAF SFLY TRIL, cash 0.0%
Stocktrader
Hi Stocktrader,
Last week UP 7.65%
YTD loss 7.88%
Saleem
Sorry YTD loss is 7.86%
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