Market Report for Aug 18 2020
No new set ups
Nasdaq Composite +24.0% YTD
S&P 500 +4.7% YTD
Dow Jones Industrial Average -2.4% YTD
Russell 2000 -5.0% YTD
NYSE Vol: 744 mln
Nasdaq Vol: 3.1 bln
Notice how the volume levels have come way down? That is an amalgamation of less volatility and the dumb money taking control while smart money watch.
The S&P 500 moved up 0.5% but still no ATH but Nasdaq, on the other hand, closed at a new record high once again. Since the first ATH on June 5 2020 following the March lows, Nasdaq has made 16 ATHs while the other two have made none. As you can see, the decision to move into tech when we did was a good one and continues to remain that way.
As mentioned in Level 3, we have increased our position sizing in TSLA and yesterday that moved up an additional 11% and ZM followed it closely moving up 8%. Our biggest loser was SPCE which is in Industrials and -2%.
Industrials, Energy and Financials were the weakest sectors.
Lets go trade!