Market Report Feb 12 2021

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Market Report for Feb 12 2021

Emotion can be expensive.

Market Trend:
Up

Market YTD:
Russell 2000 +15.6% YTD
Nasdaq Composite +8.8% YTD
S&P 500 +4.3% YTD
Dow Jones Industrial Average +2.7% YTD

Market Volume:
NYSE Vol: 1.0 bln (A)
Nasdaq Vol: 10.7 bln (A)

New Swing Positions:
CPST @11.01

Comments:
Another range bound session with the Nasdaq Composite closing at record highs. Volume in the Nasdaq was considerably high whereas the NYSE has around normal levels. It is obvious there is some heavy buying in tech and has been the case since we showed the rotation on the weeklies.

Tech took the top spot on Thursday while Energy needed some, as it fell to the bottom step.

In the crypto space, BK and MA both said they will now incorporate digital currencies into their business.

ZG increased by 16% while our new position in CPST decreased by 15%. PINS also found a fair degree of bullish momentum closing 7% higher.

GBPUSD is taking a break in what looks to be a BuF forming while EURUSD is in talks with the 50MA for more altitude.

The last day of the trading week so we might have profit-taking after before the weekend.

Let’s go trade!