Growth was up across the board today. 2/3 of RKi Watchlist Names were green today, most with gains of 1% or more, a good sign.
Even the beaten down Software ETF (IGV) was +1.9% on biggest volume of the waterfall decline and held lows….maybe the bottom?
SP 500 +.77%
Nasdaq +1.05%
Technology (XLK) +1.3%
QQQ +1.07%
MAGS +1.1% (Mon, Tues were inside days)
XLF (Financials) and XBD (Broker-Dealers) both are below 200d…..not a good look when these bull sectors are rolling over but can the Semis (SMH) which hit a NH hold Tech and the Market together?…..King NVDA reports ER tomorrow night.
One day does not make a market …..we still need more progress and watch our exposure and use good risk management.
Fiber Optic stocks (LITE,COHR, TER, GLW, VIAV) were strong today. Semis Equipment names (AMAT, LRCX, ASML, UCTT, ICHR) remain strong at NH levels. The Memory stocks were the kink in the armor as they have not been able to breakout out of their ranges and are stuck below key psychological valuations. If this rally will have real legs, I expect them to launch higher.
Our holdings are performing well.
GEV +5.8% NH, vol picked up
VIAV +6.5% NH, good vol
GLW +4.4% Gap Up NH on above ave. vol
FTAI +6.9% today. (maybe raising the stop intimidated FTAI and kicked it into gear?). Earnings tomorrow night and will make a decision if we hold or sell tomorrow during the day.
NBIS stopped out yesterday but bounced back today. Grrr…
SNDK – wild day and stopped out on news that Citron Research took a short position.
Note: CRDO, ALAB (shorts) did not trigger (both had gapped below our trigger price on Monday.)
Headline risk tonight with the State of the Union Address…..anything can happen.
Trade Well
J