US stock market can be best described as mixed bag.
US stock market is having serious reaction to interest rate jitters.
Uptrend is impacted by any news about more than expected rate hikes.
Market is looking for clarity in interest rate hikes which does not exist.
Ukraine news is getting more digestible to markets as grain shipment may resume
Here is the current read on RSI :
TAN 63.40
XLB 55.29
IWM 53.50
SOX 52.40
DOW 51.38
XLF 50.20
S&P 500 50.14
Nasdaq 48.83
JETS 46.58
ARKK 45.70
As you can clearly see that market has no real favorites currently, TAN or Solar stocks have fared well in this uncertain market, followed by XLB materials stocks.
Russell 2000 or IWM is 3rd favorite so far,
SOX has surprisingly fared much better than popular consensus is number 4th best performing.
DOW, Financials & S&P 500 are rated 5, 6 & 7
Bottom 3 are Nasdaq, JETS & ARKK.....
Nasdaq being 3rd worst is a huge surprise this late into recovery phase...
ARKK has the unique crown of being the most laggard
RSI rating is a good way to know that old ideas or popular ideas are not working and may be a waste of capital allocation
DOG of RSI may be a contrary way of investing or trading...
Lot to think about where we stand in terms of market preference and performance.
Good luck with your own interpretation of RSI and comfort level.
Making money is never easy in a bear market, losing lots of money happens in a hurry IF your allocation is out of favor.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem,
Last week: -2.30% (YTD: -20.55%)
Notable Leaders: PATH BMBL ENPH
Notable Laggards: BMEA PLAY SNAP ZENV IONQ GTLB
In a digestion week for the markets after a huge runup, the portfolio suffered also. Despite the weakness in the markets, interest rates rose again to approach 3%. Although there is much volatility day to day, most charts I follow are indicating solid bottoming patterns, so I feel comfortable in all my positions, looking only to make small adjustments on overstretching in either direction. My new task is to look for outperformers as we continue to build bases in hopes to find new leaders when the upturns take hold - relative strength vs peers is the best way to accomplish this! Hopefully a quieter summer provides some opportunities.
Holdings: GTLB ENPH PATH SNAP BMBL PLAY LYFT CXM UPST ZENV IONQ BMEA, cash 0%
Stocktrader
Hi Saleem,
Trimmed a little GTLB @ 41.21 ahead of earnings
Added to IONQ @ 5.91 on Russell small cap addition at the end of the month
Stocktrader
Hi Saleem,
Trimmed some BMBL @ 31.96
Added to SNAP @ 14.56
Stocktrader
Hi Stocktrader,
Last week Down 4.00%
YTD Down 4.06%
Good luck with more IONQ & SNAP
Saleem
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