While AAPL hit another new all-time high today while Energy and Financials helped push the S&P 500 and Dow Jones higher. The S&P 500 and NASDAQ have shown support at their respective 50 day moving averages. Volume was higher across the board indicating traders and institutions a like were happy accumulating shares. While today was a good day we certainly need to see a bit more from this market before we are out of the woods. There are plenty of stocks nearing their respective pivots and ready to breakout. We will be on top of any stocks triggering new entries as well as any laggards signaling it is time to sell. There is no reason to hang around in laggards. We have seen some positive action this week and would like it to continue. Stick with Big Wave Trading and we’ll help you jump on stocks making huge gains.
After last Tuesday’s heavy losses, we have been able to claw our way back and retake much of losses incurred. As stated last night March has been a month of consolidation digesting the gains from January and February. It would do us some good to continue this consolidation and begin a new run next week. The more we can consolidate these gains the higher this market may be able to run. Now is the time to identify the potential huge winners and get on board when the break loose.
Financials are the worst performing sector over the past 5 days. Even after the gains we saw today the 5 day return of the financial sector is -3.38%. The one month return is -4.48%. Energy is the only sector performing worse than financials with a return of -4.69%. Utilities and Technology are the only two groups with a positive return over the last 30 days. It is an interesting development considering the Fed hiked rates at their most recent meeting. Technology stocks continue to be the leading group and until price indicates otherwise.
We remain vigilant with our money management process. This market has a world of opportunity and we going to take advantage of every opportunity.
