Market Report Jan 12 2021

  • Post author:

Market Report for Jan 12 2021

A 10% decline in the market is fairly common.

Market Trend:
Up

Market YTD:
Russell 2000 +5.9% YTD
Dow Jones Industrial Average +1.3% YTD
Nasdaq Composite +1.2% YTD
S&P 500 +1.2% YTD

Market Volume:
NYSE Vol: 962 mln (B)
Nasdaq Vol: 6.8 bln (A)

New Swing Positions:
None

Comments:
The negative carry over from European stocks to the start of the U.S. session put the market of the back foot as Monday saw a bearish day on the markets as mega-tech was a target for some selling while healthcare and energy outperformed.

TWTR declined over 6% time after it permanently removed Trump from its platform. FB declined 4% and GOOG, AMZN and MSFT all suffered a negative day.

Covid pandemic worsening is forcing more lockdowns which also probably played a part in yesterdays price behaviour.

Overall, we are in the tree shaking period I mentioned on the weekends webinar as we approach earning season.

Right now, breakouts are high risk and low probability so trade the PB opportunities if they offer a good degree of quality.

Let’s go trade!