Market Analysis and Summary
Once again, the major indexes all closed at or near, new all-time highs and continue to be supported by robust leadership. The distribution count fell to 3 days on the NASDAQ and held steady at 4 days 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 0.02% on heavier volume and closed at a new all-time high.
The Russell 2000 rose 0.86% on heavier volume and closed at a new all-time high.
The S&P 500 rose 0.29% as volume on the NYSE expanded and closed at a new all-time high.
The DOW rose 0.47% on heavier volume and closed just shy of recent all-time highs.