US stock market is in a very strong position currently.
Job growth was better than expected.....
DELTA variant has scared enough non compliant that vaccination is in focus, thus a solution may be on the way.
China is cracking down on major companies and on gaming addiction, this will reroute money in relatively safer from regulations / crackdown in US companies
Most countries are doing smart lockdown to deal with Delta variant means act fast and shut down only areas impacted
US stock markets are not overbought, many are non- believers in this rally and waiting for correction / pullback
DOW, S&P 500 NASDAQ & SOX are @ or near all time high but are showing reasonable RSI numbers, DOW is actually showing 57.56 RSI @ new all time high...never heard of this kind of disbelief by traders / investors......
Highest RSI is @ 62.43 in SOX which is near all time high......
Most undervalued from RSI point of view is SLV @ 32.91 silver is an industrial metal used in many products.....
Surprisingly XLE RSI is 46.06, energy stocks has been trashed lately along with slight downward pressure in Oil....which can reverse to new 6 years high in a hurry.....
JETS RSI @ 46.57 is attractive as bookings are near pre 2019 level for September....a prediction which may become reality in days....
Markets will do what it wants to do, you have to buy stocks before it rockets UP, a wise & productive trading / investing strategy.
US stock market profile is changing fast, one needs to position accordingly.....
There was a time to be " all in technology "...currently may not be a very productive approach...
Technology needs to be underweight in your portfolio.....
Restart of economy stocks needs to be overweight.....
A little patience & conviction is a good trading / investing strategy.......
Please evaluate your exposure and make a very quick adjustment to reflect US & world economy are eager to open everything up with social distancing.
Good luck with your own strategy & comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week: +1.42% (YTD: +34.19%)
Notable Leaders: UPST FSLR ZIP ESTC ELY
Notable Laggards: SOXS
Broad strength across indices and my portfolio lifted most stocks last week. To keep grinding higher in the face of serious new risks shows the resilience of the market, and likely portends further bullish moves ahead. The earnings season has rewarded those companies that show a persistent improvement in business and not just one-time effects. I'm sticking with my usual mix of fairly-priced growth stocks with potential catalysts ahead.
Holdings: FSLR SNAP ZIP AGCO ELY PHM QRVO ESTC GRWG UPST BHVN MNST DDD PSNL AMRS GMBL, cash 6%
Stocktrader
Hi Stocktrader,
Last week UP 1.59%
YTD UP 5.15%
Saleem
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