Market Analysis and Summary
Very little has changed since the last report. The major indexes are all trading at or near, new all-time highs and continue to be supported by robust leadership. The distribution count stands at 5 days on the NASDAQ and 4 on the S&P 500, which is manageable.
As long as leading growth stocks continue to act well and the uptrend in the general market remains intact, we would continue to build long positions as entry point present themselves, however, slowly and with the utmost selectivity.
Stay closely in tune with market rotation and 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 0.08%, finished the session near its high for the day and closed at a new all-time high, although volume declined.
The Russell 2000 rose 0.04% and closed at a new all-time high, although volume declined.
The S&P 500 fell 0.02%, but finished the session near its high for the day and just slightly below its all-time highs, from earlier in the session. Volume on the NYSE expanded, but finished below average.
The DOW fell 0.13% and finished the session below mid-range as volume expanded. Fortunately, volume finished well below average and the index closed just a hair below recent all-time highs.