NASDAQ 100 Leading Like A Champ
Another quick blog as I get ready for media today and tomorrow in NYC as well as prepare for our quarterly webinar series tonight at 8pm.
The NASDAQ 100 has been leading the rally which is a good thing. As I wrote the other day, new highs have been expanding, also a good thing. The NDX below is but a day from new highs. I cannot believe the only pullback we will see has already been seen this week. That seems too little, but would indicate a possible surge to the upside if this goes on much longer. That is not my base case.
Today, expect to hear all about Nvidia hitting the $4 trillion value mark. It’s meaningless. It’s a media headline and nothing more. If anything, smart money sells into it. I don’t believe we have bought any more stock since our last buy in August during that blue Monday plunge.
The New York Stock Exchange Advance/Decline Line is below. It was just at new highs where bear markets and large declines rarely begin. The bears should go back into hibernation. They have been woefully and epically wrong the entire run to now.
On Monday we bought SSO. We sold some MQQQ and some QLD. On Tuesday we bought CROX, SIXJ, more QLD and more MQQQ. We sold EMB and ULTA.
