Momentum Monday – Will the Dip be bought again?

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The software continues to be the main game in town as the number of new covid cases in the U.S. has started to climb quickly again. Obviously, any company that works on a vaccine or offers diagnostic tests and protective gear is also in good shape. Gold and gold miners are consolidating near their 52-week highs and are looking constructively. The stocks of the rest of the sectors are slowly starting to roll down. The number of distribution days in the major stock indexes has increased significantly in the past couple of weeks, so it would not be a big surprise of even the Nasdaq 100 tests its 50-day moving average at some point in the next week or so. Dip buyers are still active and would welcome such pullback as a buying opportunity.

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