Payne's Perspective: May 24, 2021: Whistling Past Fear Zone
Don’t look now, but those retail favorites of unprofitable tech stocks gained a pulse last week, and that means they could be off to the races. Some have already made nice pops. This time around, however, it will be different, and not as easy. The bar has risen for these companies to show and prove they are living up to the hype. But put these names back on your watch list.
Message of the Market
The market has traded in a very narrow range, and most days have been relatively calm. But the wild sessions see deep swoons, and occasionally, buyers emerge. Still, for the most part, a lot of money is parked on the sidelines , not being seduced back into the fray.
On the flip side, I’m also impressed that money in the market isn’t fleeing, and that means smart folks with big gains are still not convinced the party is over. Note: a close above the red resistance line should be a solid green light to buy aggressively. Conversely, bounce-off support is fine for trades but not long-term buys – at least not yet.
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