NASDAQ Continues Dominance.
After last week’s hiccup the market has stiff-armed selling pressure for now. The retail crowd retreated as the new AAII survey numbers show, but the we continue to see buyers step up to the plate and support stocks. No matter how idiotic it may seem or illogical we must deal with facts. We are not saying this is an easy task. Too many succumb to their opinions of the market and ignore what is in front of them. They too can be reformed, but until such time we must plow forward and execute our game plan. Regardless of what we think this market remains in an uptrend without many days of distribution. As silly as this may sound an uptrend, we are in.
A bit of economic news this morning as the Philly Fed Business Outlook hit the wires at 8:30amEDT. Expectations were for the outlook to drop 21.4. Not the kind of number you want to see. However, the actual number was a positive 27.5. Business Outlook improving is certainly a good sign for the present as local economies begin to open back up. How will it all play out is anyone’s guess. Guessing does not pay the bills. A sound plan of attack does. Ignoring your opinion and using a sound risk management strategy will enhance your trading success. Knowing your entry, position size, and exits will produce excellent results if you adhere to your plan. Many have a plan and quickly abandon it due to their opinion. Stop. You are not smarter than your system.
The usual suspects are providing the market with a lot of juice. We have listed a few names before. AMD tried to breakout but fell back into its consolidation area. Still within striking range of another breakout. RNG is consolidating as well and given the work from home movement it is no surprise the stock is getting some attention. ZM has been a huge winner since the pandemic hit. CRNC has run 100% since early May. DT quietly moved out of a small handle area. Not exciting but getting some movement. Nothing is ever going to be perfect. Flaws are commonplace and what we are dealing with since 2008 and 2009.
AAII Bulls 24.37%
AAII Bears 47.78%
We hope your trading week has gone well. Two days left to make some moves and continue our grind.
