Nominal New Highs

Dow: +30.55…
Nasdaq: +77.15… S&P: +6.70…

The S&P 500 (+0.2%) and Nasdaq  (+0.5%) rose modestly on Tuesday, setting intraday and closing record highs in a tame session. The Nasdaq topped the 15,000 level for the first time ever while the S&P 500 flirted with the 4,500 level.

The Dow increased just 0.1%. The Russell 2000 outperformed the large-cap names with a 1.0% gain.

TNA popped 3.1%, LABU went sideways. ARKK was up 1.0% but closed way off its lows.

Last week and last night I mentioned that the meme stocks were perking up. GME ripped 27.0% today, AMC +20.6%, and EXPR +3.9% and up from $5 in a couple weeks.  Go figure. Just when you thought they were done right? This action can sometimes signal the end of a risk move. We’ll see.

The re-opening “off the bottom” ideas that I mentioned last night had good pops today. WYNN +7.1%, NCLH +4.5%, and TRIP +4.6%. Its early, but $ may be rotating into these names.  ARRY, also highlighted last night, was flat today.

Cryto continued solid today. RIOT, MARA, COIN.

“NFT” names even caught bids today. HOFV, TKAT.  BBIG also has NFT exposure and finally saw life today.  Volume was good, BBIG needs to follow through now.

Patterns to watch that are also buyable.

BEAM– really love the setup. Biotech with improving technicals. Wedging/flagging in a bullish way.

BFLY– another oversold candidate with technicals turning up. Broke above downtrend line yesterday.  Closed at 50 day moving averge. $14+ if momo can continue.

In other news, is China oversold enough and ready to bounce? KWEB was +11.5% today.  Huge volume last 3 days.




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