Momentum Monday…My Kingdom For a Rally


This post is by Howard Lindzon from Howard Lindzon


As a reminder, Marketsmith (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from Marketsmith. They are offering my readers a three week trial for $19.95. Click this link if you would like to try it out.

Happy Monday.

As always, Ivanhoff and I tour the markets to look at what is working. You can watch the video here and I have embedded it below:

I have a hunch the combination of time of year and the fact that financials are rising on ok numbers and most of small amd midcap tech trying to stop going down on bad numbers will help the new leadership – drugs, defense, food, large cap biotech ($amgn and $vrtx) get the S&P back to and over the 200-day moving average.

Here is what Ivanhoff has to say:

Amazon, Meta, Google, and Microsoft missed their estimates and/or gave very weak guidance. They sold off and the main indexes didn’t even blink. The Nasdaq 100 and the S&P 500 still finished the week deep in the green. People wanted a “market of stocks” environment. This is what we are having right now. While some of the mega-caps are struggling, there are plenty of stocks from various sectors that are breaking out after earnings and following through. I don’t know if this is just a short squeeze before another rug pull, but last week certainly provided good opportunities (Read more...)