13:52
Unknown
S&P 500 is next in line to travel above key technical level of 200 DMA already above 50 DMA...
SO.....technical backdrop of this market has come a long way in a short span of 7 weeks......
March 23rd was the low point and Friday Nasdaq vaulted into positive for the year....
Can you imagine how far we have come in 7 weeks from March 23rd low, here is the tabulation :
SOX UP 43.87%
Russell 2000 UP 38.86%
Nasdaq UP 37.54%
S&P 500 UP 33.67%
DOW UP 33.59%
Everyone can see how fast and swift we have snapped back .......
Almost 44% gain from low in SOX and Russell 2000 almost 39%.....IWM is the big surprise for me, even beating hedge fund favorite momentum index Nasdaq as we all know....
Moral of the story IS.... have faith in your own stocks be it AAPL or unknown DDOG they all have come around and surprised everyone.....
How can we forget some well known well paid gurus who are "still waiting for retest of lows " and missing an almost 40% upsurge......
As we have noted SOX & IWM have resumed their leadership over even Nasdaq, it is a safe bet that those two especially Russell 2000 (IWM) will run away this time after a long consolidation......
Always do your own home work on your favorite stock and stick with it...popularity does not win the race all the time....
Popular stocks are generally very expensive beyond the reach of most investors, then ETF may be the route via QQQ....
IWM has low priced stocks and sometimes their % gains are in triple digits......
SO..do not knock your own discovery of emerging growth stocks...it may be the-best idea for a long time.
MY favorite theme for this snap back is totally different from above leaders...it is Oil, Nat Gas & Exploration companies....they have been in the biggest slump for decades and have build a nice long long base.....a format which has rewarded big time when & IF they start to move....
Good luck with your own due diligence and comfort level.
BLOG does NOT give buy or sell.
Saleem
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