US stock market is playing hide & seek with Nasdaq breaking out to 2023 highs, S&P 500 should follow soon after.
IF we look @ entire US stock market, 2 sectors are leading the pack based on RSI & my limited universe, S&P 500 is number 1 with 62.56 RSI & XLE with 61.94 RSI
Nasdaq is 3rd best with 58.51.
XLB is number 4 with 56.59
IF I was starting any new portfolio or looking @ adding to an existing portfolio, It may be a very good focus to look @ top performing sectors.
US stock market Is In a very tight range for few weeks, there is a very good chance, It may breakout on high volume.
Interest rate picture has Improved worldwide, most world Central banks have paused already and US is ready to change direction after May 25 basis increase.
This Is an opportune time to position your portfolio for upcoming breakout, once there Is a breakout, there is a chance that we may see series of new 2023 highs.
Good luck with your take on market and your own comfort level.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Stocktrader,
Last week UP 1.09%
YTD UP 34.66%
Saleem
Hi Saleem,
Sorry, busy day!
Last week: -1.43% (YTD: +25.47%)
Portfolio Leaders: none
Portfolio Laggards: BMBL KRUS
The market continues to move higher but I just can't bring myself to up exposure too much, although I did add some select stocks during the week. Again today (Monday), we see the late action of stock accumulation. The major indices appear to be on the verge of breaking out, so my next moves will likely be to unwind shorts.
Holdings: SARK SOXS LYB PINS BMBL KRUS ZENV, cash 0%
Stocktrader
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