MaR Aug 07 2020

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Market Report for Aug 07 2020

The rich invest in time

Allowing the trend to run and compounding during that run allows your money to work for you when a trend presents itself. Focus on the process and the set up, not the money.

New Positions:
None

Trade Zones:
Stand aside

Market Trend:
Up

Market YTD:
Nasdaq Composite +23.8% YTD
S&P 500 +3.7% YTD
Dow Jones Industrial Average -4.0% YTD
Russell 2000 -7.4% YTD

Market Volume:
NYSE Vol: 791 mln
Nasdaq Vol: 4.0 bln

Comments:
Big tech did the heavy lifting again yesterday leaving behind another record close. This time closing of over 11,000 for the first time ever. Dow Jones Industrial Average is on the verge of a Golden Cross with the 50MA crossing above 200MA. And S&P 500 is now less than 1.5% from its ATH. Far cry from the doomsday predictions but just as the S&P has been immune from COVID, Dynamic Traders are also immune to the guru predictions we come across over the years.

TSLA has gone into a quiet mini range which is usually a good set up for a new move but price may connect with the 50MA first as they are on a collision course with price moving sideways and 50MA moving up.

FB had its 11th largest percentage gain over the last 5 years with a move up of 6.5%.

NFP today so enjoy the dumb money spectacular show.

PORT Aug 07 2020

Lets go trade!