Momentum Monday – The Stock Dips Get Bought and The Crypto Rips Get Bought
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Happy Monday everyone.
August is flying by…at least for me. What the markets continue to see is BUYING. The love affair with crypto is in full bloom again.
As always, Ivanhoff and I got together for Momentum Monday. You can watch the show here. I have embedded it below on the blog:
Ivanhoff shared his quick thoughts here as well:
The S&P500 and the Nasdaq 100 had a minor 2-3% pullback but finished the week on a high note. Inflation-sensitive stocks fell because of the latest Fed minutes revealing discussions about tapering later in the year. The reopening stocks were under pressure because of the rising Covid cases around the world. In the end, the market was saved by another sector rotation – this time in tech, especially large-cap tech stocks.
One would say that this is the same tape as in the middle of last year when anything tech outperformed in the face of lockdowns and restrictions, especially considering the recent rally in grocery stores and discount stores like BJ, COST, KR, ACI. The difference this time is that department store stocks were also strong – M, JWN, KSS.
In the meantime, (Read more...)