Afternoon Note
The market is racing to new all-time highs and several big equity indices are already there. But what about NASDAQ, home of those sexy hot tech names that typically lead the parade when the masses have gotten bullish? It’s a good day for Amazon at yet another all-time high and Tesla rocking on a Musk tweet and Nintendo with a record session on the latest Pokémon fad but the oomph is simply not there.
Netflix is struggling (although in light of Barron’s calling for a 40% decline the shares are holding up pretty well) and Apple edging higher but without conviction. I love the cyber security space but it doesn’t have the household names or sector coattails to bring an entire index along for the ride. So, while the NASDAQ is higher today and trying to clear a huge technical hurdle, there are concerns about lack of enthusiasm.
Of course, on the other hand, the composition of this rally speaks to a cautious tone normally not associated with new all-time highs (see utilities). Most of our open positions are higher so I hope most of our subscribers are well positioned. We’ve also had a fair amount of cash which I think should be put to work after the rally is tested and foundation for next leg is firmer.
If you are not currently a subscriber, this would be a great time to take a free trial. Click here to sign up https://www.wstreet.com/trial/default.asp
Comments |
The deep pullback is coming after the county decides who will be President. Thats my 2 cents Joe Cayman on 7/12/2016 10:06:17 PM |
I agree with Joe C ; however, we are on the edge of a precipice, slip and it is a long fall down. Careful out there. Ray on 7/13/2016 12:06:01 PM |
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