Market Analysis and Summary
The nonfarm payrolls number is due on Friday and we still have the bulk of earnings season ahead of us, although earnings season has taken on a positive tone so far. The major indexes are all still trading at or near, recent all-time highs and the market’s leading growth stocks continue to act in a healthy and constructive manner. The distribution count grew to 3 days on the NASDAQ and held steady at 3 on the S&P 500.
The line of least resistance remains higher. So, continue to build long positions as entry point present themselves, however, slowly and with the utmost selectivity. Remember, “buying right” is critical. Don’t buy a stock more than 1-2% past its pivot point and get into the habit of eliminating laggards and taking at least partial profits on extended names.
NOTE: Check when a company is due to report EPS, before initiating a position. These dates change frequently and sometimes at the last minute, so double and triple check to be sure.
The NASDAQ rose 0.23% as volume declined and closed slightly below recent all-time highs.
The Russell 2000 rose 0.22% as volume declined and closed slightly below recent all-time highs.
The S&P 500 rose 0.24% as volume on the NYSE declined and closed slightly below recent all-time highs.
The DOW rose 0.33% as volume declined and closed at a new all-time high.