Market Report May 11 2021

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Market Report for May 11 2021

Wait for stocks to underperform the business then be patient.

Market Trend:
S&P 500 = Up
Nasdaq Composite = Sideways

Market YTD:
Dow Jones Industrial Average +13.5% YTD
Russell 2000 +12.0% YTD
S&P 500 +11.5% YTD
Nasdaq Composite +4.0% YTD

Market Volume:
NYSE Vol: 998 mln (Below)
Nasdaq Vol: 4.7 bln (Below)

New Swing Positions:
GBPUSD

Comments:
The Nasdaq Composite closed just below its 50MA and S&P 500 failed to keep up with the Dow Jones Industrial Average which was the only index to close positive.

Yesterday really was a stand aside day which is what we did.

COIN was the biggest gainer at over 11% followed by PTON and NOVA was the biggest loser at 13%.

We bought some Dogecoin yesterday with spare BTC change sitting in our Binance account that had accumulated in value over the last few years.

We added to our existing lone GBPUSD long position yesterday which moved swiftly into profit. The current vstop is 1.3934.

While equities continued to underperform, Ethereum made a new ATH, be it in the form of a Doji. Undercut the low and expect a pullback. Overcut the high and expect further strength.

Not much to do as markets take a rest so it will be another stand aside day.

Let’s go trade!