MaR Jul 15 2020

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Market Report for Jul 15 2020

Buy on the rumour

New Positions:
None

Trade Zones:
ENTG
LPX

Market Trend:
Up

Market YTD:
Nasdaq Composite +16.9% YTD
S&P 500 -1.0% YTD
Dow Jones Industrial Average -6.6% YTD
Russell 2000 -14.4% YTD

Market Volume:
NYSE Vol: 909 mln
Nasdaq Vol: 4.3 bln

Comments:
We are seeing a sector rotation or possibly just profit-taking/tree shaking within the tech sector. It is still intact but clearly lost momentum for the last couple of days as energy has certainly been outperforming. These points we have discussed in MaR webinars during the weekends in preparation for this over the last few weeks. So no surprise moves are occurring here. In fact, all is going to plan.

The big decisions will be made after earnings from the big dogs but for now, be prepared to close positions if they pass through support zones.

PORT Jul 15 2020

Lets go trade!