MarketSurge powers the charts in this video.
Most stocks accelerated their ascent after the election results. Not surprisingly, the top performers were related to crypto—COIN, MSTR, MARA, WGMI, BITX, and Elon Musk’s TSLA. COIN and TSLA will likely be the top momentum movers for the rest of the year, and dips there will be welcomed as buying opportunities.
Almost everything gapped up after the election. Small caps (IWM, TNA) and regional banks (KRE, DPST) had the biggest gaps but haven’t been able to follow through so far. Their near-term future will depend on interest rates. If rates finally start to pull back, we will likely see a more sustainable move in those two groups. The same could be said about biotechs. XBI finally broke out of a multi-month base on Friday. Let’s see if it can add to its gains or this will be another headfake.
The strength was widespread last week. Even energy stocks gapped up. XLE and ERX are setting up for a potential continuation higher.
Large-cap tech stocks are also faring well after the elections despite fears of rotations and political troubles. AMZN finally broke above 200. Any pullback to 200 for the rest of the year will likely be a buying opportunity. GOOGL bounced strongly, and it is setting up for a potential breakout near 180-182. NVDA is at all-time highs despite potential issues with one of its biggest clients, SMCI.
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