US stock market is in the process of making a move higher...
50 DMA is first target for DOW, S&P 500 & Nasdaq
Nasdaq is gain sitting 83 points away from taking out 50 DMA again, that could take a good morning open move...
Nasdaq strength is being noticed by everyone, volatile, BUT in an ascending pattern.
Bear market bottom is extremely painful for every participant, confidence is shattered and we all go totally demoralized in the process, every bear market does this to everyone.
BUT like all market pattern, bear market does end......
Sometimes bottom is tested repeatedly, other times, it is the length of back & fill, time spent in a defined range becomes the signal...we may be witnessing time spent since mid June low...4 to 5 weeks have gone by without going below with one retest which was above low.
Leadership of this market looks like, will be totally different than last 10 years....
Technology will still lead but with different stocks....
Overweight technology should still work...
Diversified into emerging sector in a broad based format
Pay attention to hourly market leaders and closing gains
Also pay attention to emerging technical strength
No matter what RSI strength should be played NOT weak RSI....
Look @ fundamental picture like Earnings & Sales trends
PE matters when stuck in a bear market
Bottom line is, it IS time for homework and due diligence.
Good luck with your own version of home work, as long it works should be fine.
BLOG does NOT give buy or sell
Saleem
2 comments:
Hi Saleem,
Last week: -4.16% (YTD: -18.60%)
Notable Leaders: SYM
Notable Laggards: ZENV UPWK IONQ ENPH SNAP
The volatility continues and my portfolio had another rough week. Despite this, a solid base appears to be forming as much of the Fed's action and inflation concerns have been priced in. At this point, only the disaster of Q2 earnings stands in the way of any particular stock's rise. I wholeheartedly agree that strong RSI should be the primary consideration right now, and I'll keep pruning the portfolio laggards in favor of new ideas, especially in this next month post-earnings.
Holdings: SYM ENPH PLAY COUP GTLB SNAP CROX LYFT U BMEA IONQ ZENV, cash 0%
Stocktrader
Hi Stocktrader,
Last week Down 2.08%
YTD Down 10.67%
Saleem
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