Dow: -23.29…
Nasdaq: +232.57… S&P: +27.13…
The S&P gained 0.8% today, guided by renewed leadership in the mega-cap/growth stocks at the expense of the cyclical stocks that had outperformed recently. The Nasdaq, powered by its mega-cap components, rose 2.1%, while the Dow (-0.1%) and Russell 2000 (-0.01%) closed fractionally lower.
The S&P 500 had a good shot at closing at a new high today, briefly surpassing its Sept. 2 closing high (3580.84), but the inability to stay above the prior closing high was a technical factor that worked against trading sentiment.
The U.S. Treasury market was closed for Veterans Day, leaving the 10-yr yield at 0.98% following yesterday’s settlement price. 1.0% looks like the next stop on the 10-year treasury yield.
I know I have a lot of veterans out there, so thanks for your service. You’re all the best.
I added 3 today.
I re-entered ZI as I was waiting for earnings to report. They are out of the way and the number was good. 44-47 targets.
MJ– I mentioned this one last week and it immediately ripped and was hard for me to chase. Anyway, it ripped about 25-30% in two days but has pulled back to the 200-day moving avg. today and bounced. If it can garner some momentum again, then I would look for 15.50 as a first stop. It’s the weed ETF and many of the individual stocks have solid setups.
AGQ- made a great run for us a few months ago. Went from $30 to 50 on part of our exit. SIL (silver miners) also had a major run over that same time period.
I do believe the metals are ready for another huge leg, up, I may be off on timing the bottom, so that’s why I started with 1/2 position in AGQ. If t dips hard I will buy the other half.
I want to start small and a leg in on these. Still like GDX, SIL, GDXJ, although all of them could see 7-10% downside (maybe not, but could) before they start the next wave. up. Targets 56-60.
Please check P&L for adjusted stops.