Market Report for Nov 26 2020
Nasdaq Composite +34.8% YTD
S&P 500 +12.4% YTD
Russell 2000 +10.6% YTD
Dow Jones Industrial Average +4.7% YTD
NYSE Vol: 966 mln (B)
Nasdaq Vol: 4.4 bln (A)
Portfolio % of Return:
FX & Comms: +2.25 +Gold
Nasdaq Composite gained ground while the Dow Jones Industrial Average and S&P 500 ended the session in the red on Wednesday.
As I mentioned on the weekend webinar, I don’t think we are experiencing a real rotation. Instead, what looks to be taking place is the need to want to own other stocks in other areas that have been ignored due to the coronavirus concerns. There is no major selling out of tech as such.
WORK which has been one of our big positions was trimmed yesterday on the news of CRM and then ORCL wanting to buy them. WORK offers a very good product and is a good company. This situation was something we were anticipating for next year or later but it has come much earlier. Of the two, my preference is CRM. WORK moved up 33.5% and now sitting above the IPO level from June 2019.
SPCE was our second biggest winner yesterday with a move up over 11%.
SNOW ended 8.5% up which is the highest close point since its IPO just over 2 months ago.
Our worst performer and no stranger to this spot was SFM that lost 2.31%.
Happy Thanksgiving to all our U.S. members and happy prekend to everyone.
Let’s go trade!