Nasdaq is the superstar of all indices when it has vaulted well above both 50 DMA & 200 DMA, SOX is the second superstar also above 50 & 200......
S&P 500 is next in line to travel above key technical level of 200 DMA already above 50 DMA...
SO.....technical backdrop of this market has come a long way in a short span of 7 weeks......
March 23rd was the low point and Friday Nasdaq vaulted into positive for the year....
Can you imagine how far we have come in 7 weeks from March 23rd low, here is the tabulation :
SOX UP 43.87%
Russell 2000 UP 38.86%
Nasdaq UP 37.54%
S&P 500 UP 33.67%
DOW UP 33.59%
Everyone can see how fast and swift we have snapped back .......
Almost 44% gain from low in SOX and Russell 2000 almost 39%.....IWM is the big surprise for me, even beating hedge fund favorite momentum index Nasdaq as we all know....
Moral of the story IS.... have faith in your own stocks be it AAPL or unknown DDOG they all have come around and surprised everyone.....
How can we forget some well known well paid gurus who are "still waiting for retest of lows " and missing an almost 40% upsurge......
As we have noted SOX & IWM have resumed their leadership over even Nasdaq, it is a safe bet that those two especially Russell 2000 (IWM) will run away this time after a long consolidation......
Always do your own home work on your favorite stock and stick with it...popularity does not win the race all the time....
Popular stocks are generally very expensive beyond the reach of most investors, then ETF may be the route via QQQ....
IWM has low priced stocks and sometimes their % gains are in triple digits......
SO..do not knock your own discovery of emerging growth stocks...it may be the-best idea for a long time.
MY favorite theme for this snap back is totally different from above leaders...it is Oil, Nat Gas & Exploration companies....they have been in the biggest slump for decades and have build a nice long long base.....a format which has rewarded big time when & IF they start to move....
Good luck with your own due diligence and comfort level.
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteLast week: +9.02% (YTD: +15.27%)
Notable Winners: EAT PINS ALB BHVN ELF DKNG
Notable Losers: none
Everything rose last week (S&P +3.5%), marking an incredible push higher in the face of continued uncertainties. I think it signifies the resilience of companies to adapt and eventually thrive. I have some cash I am looking to deploy this week, and may take profit in some big winners.
Holdings: EAT NXPI AKAM ELF KRA PINS HUYA ALB UPS ELY SEDG, cash 14.8%
Stocktrader
Hi Saleem,
ReplyDeleteBought AMAT @ 54.03
Stocktrader
Hi Saleem,
ReplyDeleteBought AVYA @ 12.48 on great earnings and outlook
Short interest is also very high which could provide fuel for the upside.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with AMAT and AVYA
Saleem
ReplyDeleteHi Stocktrader,
Last week UP 9.93%
YTD UP 1.11%
Finally made it into black in May!
Saleem
Hi Saleem,
ReplyDeleteNice job - keep it up! :)
Stocktrader
Hi Saleem and Stocktrader,
ReplyDeleteNice gains all around. Last week UP 17.91%.
Winners includes LVGO BLPH OPK VIR BHVN CLVS KRA NVAX
Thanks
Paramjeet
Hi Paramjeet,
ReplyDeleteHuge week for you - awesome! :)
Stocktrader
ReplyDeleteHi Paramjeet,
Nice finish to # 1 in the BLOG.....
We will try to keep pace with you.....until we succeed !!!!
Saleem
Thanks Saleem
ReplyDeleteAny comments on BLUE, PLAN, CSOD. I am planning to enter BLUE today. Wanted to get perspectives.
Thanks
Paramjeet
ReplyDeleteHi Paramjeet,
Stocktrader knows CSOD inside out....
Saleem
Hi Paramjeet,
ReplyDeleteI don't have any specific comments on BLUE, but I'd stick with the stronger charts in biotech after the run in that index (buy strength). Generally though, I think the cheap money helps biotech, tempered somewhat by election fears. Some earlier stage biotechs may see trial delays also.
My plan is to buy PLAN after they hopefully miss on sales execution again because of the virus this time. Longer term I consider them one of the major winners along with DDOG (reports tonight), so I'm just looking/hoping for a good entry.
CSOD was another of my favorites until it went from an acquisition target to an acquirer, and bought a company of huge size compared to its current market cap and also right before the virus fears hit. They have promised great synergies here, but still face ever-increasing competition in their major verticals of HR management and now e-learning. They will probably be fine in the end, but the sentiment has definitely soured. I still think they'd make a good acquisition target by a larger player like ORCL who could expand their presence in the US greatly.
Good luck with the new picks!
Stocktrader
Hi Stocktrader,
ReplyDeleteThank you for your detailed note on the stocks in question.
Blue came into limelight today due to BMY interest -Bristol Myers Squibb Offers bluebird bio a $200 Million Royalty Buyout. I do agree that election year could be drag on biotechs though.
I like PLAN DDOG MDLA CSOD PS and waiting for the opportune time to get in.
Thank you
Paramjeet
Bought TZA @31.40 for hedging against the potential fall in the markets. Market dynamics seem to indicate that it may have over stretched a bit and may need correction back to reality.
ReplyDeleteTook some off from LVGO and KRA
Thanks
Paramjeet
ReplyDeleteHi Paramjeet,
Good luck with TZA.
Saleem
Hi Saleem,
ReplyDeleteSold EAT @ 22.35
Sold SEDG @ 122.65
Taking profits in names where I'm not as confident about the shorter term.
Stocktrader
Hi Saleem,
ReplyDeleteSold ALB @ 64.89 to take profits also
Stocktrader
Hi Saleem,
ReplyDeleteSold NVAX at 37.77. It had an epic rise after hours. I locked-in the profits (18 entry) and will see if it backs down towards low 30s to get in.
Sold EAT @22.24 too
Thanks
Paramjeet
Hi Paramjeet,
ReplyDeleteOh my NVAX - nice pick and lock-in gains!!
Stocktrader
ReplyDeleteHi Stocktrader & Paramjeet,
Nice trades on many names....
Good focus to book profit and money in the bank.....
Saleem