Nasdaq have decisively ran up to make a new all time high.....
Other index like DOW & Russell 2000 are struggling well off their all time highs but below 200 DMA...
There is lot of debate as to where we are in this COVID-19 laden stock market.....
Confusion runs deeply after explosive growth of infection in many US state...
Nobody was thinking of first time explosion in many states who were " too cavalier " in not taking COVID-19 seriously
Commander in Chief remains reckless and dismissive about COVID-19...
Market is trying to deal with resurgence with muted reaction so far.
Many stocks which were rising on getting slowly back to some kind of normalcy has faltered badly again.....
Stay home stocks are in vogue in a big way....
US stock market needs time to gauge real economic impact of resurgence ......
From trading point of view, obviously, what is working is same old stay home stocks .....
As markets are jittery and news flow is instantaneous ...things can change on a dime....
SO hedge your bets properly and not get carried away with yesterday's winners...
I am finding current trading environment hard to decipher and difficult to trade thus taking a wait & see approach.
As far as RSI read is concerned even Nasdaq RSI of 63.59 has lot of room to run...
DOW & IWM RSI is bargain basement @ 52.14 & 53.67
RSI numbers are saying....we go higher & higher near term, which may keep this rally going .....
Good luck with your own analysis and comfort level.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi guys,
Nice weeks you had!
My last week: +6.60% (YTD: +41.47%)
Notable Gainers: GAN PINS SQ LITE RUN AKAM
Notable Laggards: none
It was another stellar week for the markets with all indices participating. The relentless bid nature of this market in the face of increasing case counts in the US puts us ready to move definitively higher once this second waves crests. The Fed will also likely remain at zero for years to come as the jobless rate, even in good rebound scenarios, will persist in the high single digits. I think a diversified portfolio of strong stocks will provide the best and safest returns.
Holdings: PINS AKAM DDOG NXPI ELY ADPT PLAN GAN LITE LOW WEN BHVN ELF RUN SQ, cash 0.0%
The only stock of my longer term favorites that I don't currently own is HUBS (and maybe CHGG, still thinking about that one). I don't really have room for it now though, so I'll continue to evaluate current holdings and prune as needed. I am also consciously trying not to get too overweight in one industry.
Stocktrader
Hi Stocktrader,
Added 50% APA @ $13.55
Saleem
Hi Saleem,
Good luck with more APA!
Stocktrader
Hi Stocktrader,
Sold GOOS @ $22.83
Saleem
Hi Guys,
@Saleem, Good luck with more APA!!
Sold OVID @ 7.16
Sold VIR PreMarket @ 40.11
Paramjeet
Hi guys,
Good luck with proceeds from sales!
Stocktrader
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