MaR Aug 30 2020

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Market Report for Aug 30 2020

Stand aside

When there is nothing to do, stand aside and do nothing.

New Positions:

Trade Zones:
ETSY – PB towards 50ma but beware the monthly candle look
NFLX – DB and possible C&H
NTES – BuF to 500

Market Trend:

Market YTD:
Nasdaq Composite +30.4% YTD
S&P 500 +8.6% YTD
Dow Jones Industrial Average +0.4% YTD
Russell 2000 -5.4% YTD

Market Volume:
NYSE Vol: 789 mln
Nasdaq Vol: 3.0 bln

The Dow turned positive for the year as are all the sectors. The S&P 500 had its sixth straight record-setting advance while the Nasdaq gained 0.6% to close at another record high.

Tech still remains the influential leader in this market but financials has been showing positive signs in recent weeks as mentioned in the recent weekly webinars.

Weekly Heatmap Aug 29 2020

Our percent of return in the past week has increased over 110%. As I mentioned on Fridays post, it might be worth taking some profit off the table at this time as the market has had a good rally.

PORT Aug 29 2020

Lets go trade!