Most of the market recovered from last Monday’s sell off to post weekly gains , I continue to like the action in Biotech, Q’s, Mining and Semiconductors
Weekly market review, I like the action in stocks and metals, not so much in forex, but that will change at some point
War between our new president and the lying news media is going to keep this market volatile, but bias continues to be on the upside,
For some reason my charts will not up load tonight so just a quick note about the market,
Most of the equities were flat today with most of the up action in Gold and Silver. XME is back on top as my top ETF with XBI close behind
Mixed day with gains in Q’s and Semiconductors, while energy continues to decline
with energy on the decline I will be looking for a place to buy,
DOW was down but rest of the market continues to grind higher, good day for Energy and Metals
I do not like a grinding market, one down day could wipe out weeks of gains
While DOW is at all time highs, top performing BioTech is coming out of a bear market and has lots of room to run higher,
Key price level will be 70.00, that is 2016 high, we need to see price above and remain above this level.
I am long term bullish on this sector
Right behind BioTech is Metals and Mining , this one has been in an ugly bear market but has put in a Head and shoulder bottom, up 103% in 2016, and already up 13% this year and may be on way to another double. Key resistance is at 44.00
This one has more risk then Biotech but massive up potential
Stocks finish strong this past week with many sectors at new all time highs, but what I am watching are the 3 ETF’s at the bottom of my list, they all had very bullish reversals this week
Another big up day for Stocks, we are well on our way to the 4th straight up month following Trump’s victory, in comparison
Obama had 4 down months following his election
Another bullish day lots of new highs, Retail did have a bearish engulfing candle so be careful with that one,
See how all 22 etf’s are above their 10 dma. I have not seen that in a long time.
Mixed day with strong moves in Biotech, health care, financials,
Financials had a strong breakout away from this 9 week consolidations, having Financials as part of this bull run is a good sign for this move to continue
Mostly up day for stocks, Utilities under pressure from concerns of future rate increase but did rally into the close
DOW could see 21,000 buy early next week
Mix day in market, energy was under pressure while Utilities lead market higher
Utilities shaking off talk of rate increase
We start a new week following another strong move in Biotech, breakout in financials, record highs in DOW, S&P and Nasdaq.
Only weak area is energy
More on all this in my weekly market review video
US Markets closed today, I am looking at this breakout move in the Financials, markets rarely fail when being lead higher by financials
XLF has cracked the top ten and is up 5.25% YTD
Another day of record closes in the major indexes with a lager Reit’s (RWR) leading the way up over 1.28% on the day.
All the majors have gone parabolic, and the last move in a parabolic market is for the lagging stocks to come into play and that is what we are seeing with energy, reits, and utilities
Market was lead higher by Utilities ( that is never good) weakness was in Mining, Biotech and energy
