Market Report Feb 09 2021

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Market Report for Feb 09 2021

Don't be on the wrong side of the major moves.

Market Trend:
Up

Market YTD:
Russell 2000 +16.0% YTD
Nasdaq Composite +8.5% YTD
S&P 500 +4.3% YTD
Dow Jones Industrial Average +2.6% YTD

Market Volume:
NYSE Vol: 971 mln (B)
Nasdaq Vol: 8.3 bln (A)

New Swing Positions:
None – Added yesterdays swing trade in NOVA to our existing Growth position.

Comments:
The major indices set record closing highs on Monday.

TSLA sales more than doubled last year to $6.66 bln. The company has invested 1.5 bln in BTC and plans to accept the cryptocurrency as payment for their vehicles. We were waiting for a big company to start taking this as payment to further make this currency more acceptable. Personally, we always thought it would be AMZN who would take the lead in this. BTCUSD spiked more than 15% and traded above $47,000 for the first time. This was a new record high for the crypto. ETHUSD also made a record high but not as impressive.

Almost all sectors had a bullish day led by Energy, Financials then Tech. Utilities closed in the red.

GBPUSD continues to climb and broke out of the range overnight. This could be a fake breakout but all signs point currently to a trend continuation. We are taking some profit off all our positions today, except from yesterdays purchases where we will move stops to entry.

Let’s go trade!