Based on recent stock trading pattern, US stock market is entering uncharted territory.
Gone are the days of predictability...
Many known stocks are struggling to keep pace with market trend.
Simplistic symbols related activities are gone
New sectors have greater hope of making money
Nasdaq no longer has that cache that " It IS the only place to be "
Here are current RSI :
XLF 68.01
DOW 67.49
XHB 56.83
S&P 500 55.07
GLD 53.48
XLE 52.33
IWM 51.34
NASDAQ 47.05
TAN 45.32
Based on above RSI numbers TAN ( Solar ) is the weakest, Nasdaq is the 2nd weakest.
Who could have predicted XLF as strongest performer.
Biggest change in US market is changing RSI picture
All boats are not lifted....
Many famous boats are stuck in the mud and going nowhere fast....
Please pay attention to changing profile of US stock market.
Home work of FA & TA has deep meaning now than ever.
Good luck with your own deep analysis & comfort level.
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteLast week: -4.75% (YTD: -4.75%)
Portfolio Leaders: SPOT
Portfolio Laggards: LYFT ENPH HIMS MTRN TYGO
It was a harsh week for the portfolio, but maybe should have been expected after such a great last two months of the year. I did not anticipate such aggressive selling and thought having some cash on hand would be sufficient. In retrospect, holding onto the SOXS hedge for another week would have been wonderful. Now that we've seen a bit of a retracement, the question is what happens from here. Maybe we need some more digestion time ahead of earnings to set up a new base, or maybe we've done enough work already given that economic data remains mostly resilient but inflation is abating. This still looks like the ideal mix for gains in this new year, but prices can't continuously move higher even in good times. Patience with convicted ideas is worthy for now, and then earnings will tell us more.
Holdings: SPOT AGCO SNAP PSNL ULTA HIMS LYFT MTRN ENPH ZENV(0.5x) TYGO(0.5x), cash 0%
Stocktrader
ReplyDeleteHi Stocktrader,
Last week Down .4%
YTD Down .4%
Saleem
ReplyDeleteHi Stocktrader,
Sold SHOP @ $103.27
Added 20% CNQ.TO @ $86.83
Bought BTCC.TO @ $8.94
Saleem
Hi Saleem,
ReplyDeleteIt is great run on SHOP today. I also followed you on SHOP and still holding it. Will it break previous high of $79.99? Thanks.
Michael
ReplyDeleteHi Michael,
Looks like SHOP is all set to make new highs in New York .....
I may get back in again fir that run
I sold SHOP in Toronto today and is further UP...currently @ $103.84 in Toronto...
Good luck with SHOP ....
Saleem
Hi Saleem,
ReplyDeleteThanks for your comment. NVDA made new high today and it seems wanting to run further. I am still holding it for the run.
Michael
ReplyDeleteHi Michael,
NVDA has rested enough & IS rocketing higher.....
It IS in my portfolio....
Saleem