Momentum Monday – The New Market Leaders

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2020 is the year of Black Swans. A global pandemic, economic lockdown, record unemployment, negative crude oil prices. And yet, the Nasdaq 100 is actually up for the year. The bad news counts for nothing, for now. 

New leaders have emerged. 

The gold miners ETF, GDX broke out from a 7-year base and so far the breakout is looking sustainable. If the reflation thesis is correct, gold and gold miners will be in play for many months to come.

The biotech ETF, IBB broke out from a 6-year long base. Biotech stocks have been on fire ever since and are starting to dominate the Momentum 50 list.

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