The Ps tailed to probe at new all-time highs but came right back in to close poorly and flat for the day. This action keeps them stuck in their shorter-term sideways range.
The Nasdaq also tailed higher before coming back in. It did manage to hold onto enough gains to keep it at multi-year highs–better than a poke in the eye I suppose.
With Nasdaq at new multi-year highs, as you would expect, Tech had an okay day.
And, with the Ps flat, as you would expect, the rest of the market was mixed.
Bonds started weak but ended strong. As you know, I’ve been concerned about the rapid rise in rates/fall in bonds. It is good to see that they have stabilized-at least for now.
Lately, the overall market has been mostly sideways. So, I’ll say it again: Ideally, I’d like to see this market blast higher, not look back for a while, and then have an orderly pullback.
Futures are super strong pre-market. This action will likely have the Ps challenging the top of their range and will keep the Nasdaq at multi-year highs. So, is this the “all clear?” Well, let’s not start kissing and high five-ing each other just yet. As usual, follow through will be key. When it comes to markets, I’m from Missouri-show me.
Once again, in the meantime, on an individual basis I still like selected Metals & Mining-the rare ones: Gold, Silver, Uranium, and Rare Earths. The great thing here is that they can trade contra to the overall market should the market decide to continue to sit on its buttocks.
While waiting to see if the market will follow through, the play remains the same: 1) Pick the best stocks-make sure you really really like the setup(s), 2) Wait for entries, 3) Use protective stops just in case you are wrong and trail/scale if you are right.
Best of luck with your trading today!
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