US stock market is stuck in debt ceiling debate as agreement is not in sight.
US stock market got the inflation friendly reports back to back but markets backed off.
Until we have definitive signal of a debt ceiling agreement, we may be stuck in a narrow trading range.
YES this stalemate is affecting stock prices as they are pulling back slightly to support level.
SO...this waiting for agreement gives us a chance to handicap our portfolio, which may include locking gains, adding near support or to start a new position.
SO far this year as expected Technology is the leader sector wise BUT some stocks in technology area are showing incredible gains of up to 50%+++YTD
Also as expected worst sector remains XLE sporting an RSI of 36.49
Nasdaq RSI is the hottest @ 58.00
IF you are not comfortable in making any changes, then sit tight and wait this new storm out.
A well diversified portfolio with strategic weighting is the best approach to mini uncertainty of budget and all its haggling...
Every portfolio needs few winners only to have superb performance IF the weighting is appropriate.
Try to look for better performing stocks when it comes to upcoming quarterly reports, IF you get it right then you have another winner.
SO...It comes to doing your homework with anticipatory fundamental analysis based on new reality and IF possible a technical turning point.
Market has faced these debt ceiling issues quite frequently and it did get resolved even after Government shutdown and layoff.....BUT it shocks stock market until resolution.
Good luck with your own interpretation of debt ceiling crisis which may be mild or painful in the short run.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Stocktrader,
Last week Sown 1.19%
YTD UP 61.38%
Saleem
Hi Stocktrader,
Sold AI @ $21.50
Saleem
Hi Stocktrader,
Bought LSPD @ $14.19
Saleem
Hi Saleem,
Great quick trade on AI! Good luck with LSPD.
Your amazing YTD performance continues! :)
Stocktrader
Hi Saleem,
Last week: +3.78% (YTD: +44.58%)
Portfolio Leaders: DDOG WAL(sold) IONQ ENPH
Portfolio Laggards: SCCO SYM
In a mixed week for the markets as economic and political issues weigh, the portfolio found some winners to add to the year's gains. I did more adjustments this week than usual, and I've found myself with a portfolio I quite like! Buying strong stocks on weakness/basing has become a focus, while beaten down stocks with potential near-term catalysts provides some diversity in strategy. Now that earnings season is finally behind us, I expect general drift until major market questions are answered, but positive price action coupled with negative sentiment should drive grinding gains.
Holdings: PINS IONQ HIMS SYM SCCO ENPH LYFT TOST ZENV, cash 0%
Stocktrader
Hi Stocktrader,
Sold SHOP @ $61.68
Added 150% SQ @ $56.58
Saleem
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