Indices closed UP on assurance by Fed Chief that only inflation target is met, rest still not so sure @ this stage, market loved this take by Fed and closed near high of the day. Restart stocks were huge winners including Energy stocks.
S&P 500 @ 4509.37, high 4513.33, low 4474.10
RSI @ 63.81
CMF @ 0.251
Internals were :
UP volume led by 6.62 to 1 in NYSE & 3.64 to 1 in Nasdaq
Advancing stocks led by 5.20 to 1 in NYSE & 3.42 to 1 in Nasdaq
Net new 52 wk highs were leading by 252 in NYSE & 148 in Nasdaq
VIX Down 13.00% @ 16.39
Oil @ $68.74
Gold @ $1819.50
Canadian $ @ .7383
Stocks which were UP 2% or more included
CNX HST MGM NCLH PLTR RIOT
SOL SU CNQ SLB OXY AG CCJ GE
BB TECK APA LSPD COIN BYD
DKNG GAN NVTA LAC FUBO KL
SEDG TER BA NVDA AEM LRCX
AMAT DDD AMD FB X.....
Here is my portfolio weighting :
HST 26.58%
CNX 20.90%
UAL 12.88%
XPEV 8.46%
MGM 7.80%
NCLH 7.06%
WEED 6.69%
RIOT 5.78%
PLTR 3.85%
Next post by 6 PM on Sunday
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Posting early because I'm leaving out of town until Tuesday!
Last week: +6.81% (YTD: +37.31%)
Notable Leaders: ZENV PSNL GMBL AMRS BMBL (all >+14%)
Notable Laggards: ZIP
It was a breakout week for the markets and the portfolio, both closing at all time highs. The Fed (Powell), as expected, remains tilted dovish, which should provide support for growth and valuations going forward. Tapering "fears" appear to be nearly priced in, so I don't see much standing in the way of a year end market march towards 5000, even as the economy remains a little uncertain with ongoing virus variant concerns which may linger through the entire winter (keeping the Fed on the back foot still potentially). I made zero moves last week, and it shows that sometimes doing nothing is the right choice if one is comfortable with the portfolio composition. I look forward to the coming weeks as traders come back from summer breaks and position for year end.
Holdings: FSLR ESTC QRVO ZENV BMBL SNAP AGCO ZIP PHM ELY MNST LYFT DDD AMRS PSNL GRWG GMBL, cash 0%
Stocktrader
Hi Stocktrader,
Last week UP 7.01%
YTD UP 5.72%
Saleem
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