Indices are all set to recover from AVGO downbeat guidance due to close linkup with HUAWEI.
S&P 500 is above 200 & 50 DMA
DOW above 200 & 50 DMA
Nasdaq above 200 but below 50 DMA
SOX barely above 200 & below 50 DMA
RUT below 200 & 50 DMA......
As you can see from technical strength focus, S&P 500 & DOW are technically healthy.
Nasdaq below 50 DMA, struggling due to semiconductor weakness.
SOX got the kick due to AVGO downbeat commentary
RUT is the weakest sector below 200 & 50 DMA
BUT there is hope this week...
Retail remains very strong RH LULU to name a few are doing extremely well...
FED is expected to announce this Wednesday around 2 PM that they are all set to reduce interest rates, markets will rally in anticipation of this market supporting focus.
SOX is expected to stage an oversold bounce which may be a sharp reversal to the upside.
SNAP MTCH remained strong despite technology slump.
SO relax and do your own SOX focus picks, they are deeply oversold, I did just that with double purchase of AMD...now AMD is my largest position.
Markets get oversold quite often and all stocks take a beating on isolated news, SOX suffered just that last 2 trading days......that presents a unique buying opportunity, that is where we are.
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week: +1.95% (YTD: +5.84%)
Notable Winners: SAIL SPLK FSLY PLAN TWST
Notable Losers: TWTR QURE
As I'd hoped last week, the software stocks rebounded nicely, helping the portfolio to some outperformance on the week. The market is somewhat difficult to trade right now, so I'm looking for pullbacks in uptrends to buy and take profits when it stretches too much. Potential buyout activity also factors into my decisions given the recent transactions.
Holdings: QURE VYGR CSOD DAL LITE TWST PLAN URI TWTR SPLK SAIL MHO TRIL, cash 3.5%
Stocktrader
Hi Stocktrader,
Just got back, have to skip PM report, will do closing @ around 9 PM.
Last week Down 2.96%
YTD UP 67.82%
Saleem
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