As we are in the-most bullish week in trading calendar, which IS week of Christmas .....
What will happen IS NOT the question BUT which sector will benefit remains very elusive.
This market rewards different stocks sporadically
Market is still trying to handicap US economy and its winners or losers
So far results are mixed....
The minute you think some stocks are looking strong, then comes the news either from China or Fed and everything is taken to cleaners bar no one......
SO we keep going back to drawing board more confused than ever....
SO...here is the confused take on current state of US stock market....
Based on my only indicator which guides which IS RSI.......
GLD is is the undisputed leader as of Friday above both 50 DMA & 200 DMA with an RSI of 55.99
XLE is in second place above 200 DMA but below 50 DMA with RSI of 52.60
Ironically I have zero exposure in both.....DOW is in 3rd place above 50 DMA but below 200 DMA with RSI of 48.73
Guess which IS the weakest, It was a given ...world famous NASDAQ below 50 & 200 DMA , RSI of 39.00
2nd worst Is TAN / Solar below 50 & 200 DMA, RSI @ 40.86
Based on the above and based on the-best week of the year IF you are exposed to GLD & XLE you are in great shape relatively speaking depending when & where you got exposure...see nothing is a given on wall & broad...too many variables.....
For others like me who are into other sectors which IS making new lows, It Is a long wait.....
Some sectors of market is really really out of favor like Technology and Semiconductors and Semi equipment makers.
There is not much one can do in this hyper-rotation market where each sector is beaten down day after day.
Popular focus among technician Is that AAPL & MSFT must make new lows for market to make a real bottom.....
Hopefully this week may bring some $$ to beaten down stocks to celebrate Christmas week.
Good luck with your own exposure and your take on future direction of this market.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
Last week: -5.40% (YTD: -31.87%)
Portfolio Leaders: PLAY
Portfolio Laggards: IONQ ZENV SYM LYFT GTLB
In a week where the S&P was nearly flat, the NASDAQ and the portfolio got hit hard. Led by the massive declines in TSLA, window dressing ruled the day and losers were kicked out of portfolios. We've seen this year after year, but I thought the lack of winners to offset the losers might mitigate the impact - I was wrong! I won't read too much into the portfolio moves until at least the second week of January, but it's been a struggle all year and even the seasonal patterns are not making much difference. Here's to a new year soon...
Holdings: SYM LYFT SNAP PLAY GTLB UPWK IONQ BMEA ZENV, cash 0%
Stocktrader
Hi Stocktrader,
Last week Down 7.91%
YTD Down 27.71%
Saleem
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