Market Report Feb 03 2021

  • Post author:

Market Report for Feb 03 2021

Don't just do something, stand there!

Market Trend:
Up

Market YTD:
Russell 2000 +8.9% YTD
Nasdaq Composite +5.6% YTD
S&P 500 +1.9% YTD
Dow Jones Industrial Average +0.3% YTD

Market Volume:
NYSE Vol: 1.1 bln (A)
Nasdaq Vol: 7.1 bln (A)

New Swing Positions:
None

Comments:
The market rallied sharply for the second day in a row with a positive contribution from all the sectors.

The VIX fell 15% taking it back to around the 25 level.

Some positive after-hours earnings but with the news that Jeff Bezos will be stepping down as CEO from AMZN later this year.

GME had its biggest ever one day drop and was down 60% while AMC down 40%. My money was on Wall St because the smart money are the ones that often make money and the dumb money are often the ones that do not. And we saw how the dumb money euphoria spread like wildfire. There will have been a few that unfortunately will have lost a lot in recent times and I have seen it plenty of times before.

Let’s go trade!