Guess which index will make new all time high first ?

Indices were on fire on Friday despite much dreaded jobs report, as per recent trend, jobs report was hotter than expected, but big money took that as positive for Friday's money making venture. It seems that supercomputers had accumulated enough shares @ low low prices, so they had to take this market UP irrespective of jobs report.

SO..which index will make new all time high, here are the current numbers :

Nasdaq closed @ 5142.27, old high 5231.94...only 1.71% away

S&P 500 closed @ 2091.69, old high 2134.72...only 2.02% away

Dow closed @ 17847.63, old high 18351.36...only 2.74% away

It is good, that high flying technology is closest to making new all time highs, followed by S&P 500 then Dow...

Based on recent TAPE action, it may take 3 days to make new all time highs in Nasdaq & S&P 500, Dow may take up to 5 trading days.....

Based on current momentum, coming week has a very good chance to make all time highs in all indices.....that will be very nice......

As usual, strong stocks did participate in Friday's mega move, while laggards lagged again.....

This market is very narrow in participation or on making series of new all time highs in stocks......

SO..IF you want to benefit from upcoming move to series of new all time highs, it may be prudent to increase allocation towards strong stocks & not take quick profit.....

It is amazing how different market behaves so differently from others, before it was, all boats were lifted, but not any more, it is extremely selective towards strong stocks.

We all have a tendency to be stock pickers which works in most markets, but experienced traders are lagging this market badly with their picks, even major hedge funds are under-performing indices.

This TAPE has given its verdict, strong stocks will perform many times better than laggards.

SO..get ready with your analysis and your take of this TAPE, this market is all set to make series of new all time highs.....

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed