It was another phenomenal week for Upsidetrader Premium users as we watched the Dow Jones, S&P and Russell 2000 print more all-time highs. The Nasdaq hit new highs for the year and is only about $1 away from its all-time closing high established back at the peak of the tech bubble in 2000.
Who Knew???????
Right now there is very good breadth and depth to this market as we are seeing practically all sectors participate.
I’m still not sold on the bounce in energy or crude for that matter, and think its possible that this technical bounce, although strong, could be short lived.
Banks are doing a bit better as interest rates uptick. Last week we saw the 10 year treasury jump to a yield of 2.13% which by the way is up from 1.65% just about 3 weeks ago. It’s quite bullish in my view that the market is absorbing the higher rate move so well.
Biotech remains my favorite sector, and last week the group had a wonderful week with great setups all over the place.
Last week Premium users took partial exits on the following, all holding periods were about 2 weeks or less:
ANAC +8.5%
EPZM +10.0%
ACAD +7.7%
Come on by and become a Premium Member and get this week’s market video which discusses the current state of the market as well as analysis of fresh setups for the coming week.
Have a great weekend.
Joe