Momentum Monday – Yoots Will Be Yoots And Lot’s Of Strength Behind The Silliness
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Good Monday morning everyone.
I had a great weekend and I have a full day of meetings in the city.
As always, Ivanhoff put together a Momentum Monday, but today my internet connection in the hotel room was terribly weak so Ivanhoff led the way.
Here is this weeks episode. I have embedded it into my blog below:
Ivanhoff’s take follows:
For a brief moment last week, I thought that the meteoric surge of the so-called meme stocks like AMC, GME, BB, BBBY, DDS, etc. will “break” the market. The last time we saw similar short squeezes in late January of this year, the main indexes had a swift 4-5% pullback. They have held a lot better this time. The QQQ bounced near its 20-day EMA. SPY is close to new all-time highs. Small caps (IWM) are acting constructively.
We are back in the phase where bad news for the economy is good news for the stock market because it means that the Fed’s injections are not going away. The stock averages had a decent rally last Friday on the back of weaker than expected employment numbers.
Crude oil and oil stocks had (Read more...)