MarketSurge powers the charts in this video.
Bull markets climb a wall of worry. This one hasn’t been any different. The market has been extremely resilient in the face of numerous bad news. Inflation is hotter than expected, yet the S&P 500 is at all-time highs. Most tech mega-caps sold off after earnings, yet the Nasdaq 100 is near all-time highs. Trade wars are accelerating, yet China, Brazil, and Germany markets are up 15% year-to-date.
Rates and the US Dollar are pulling back proving a solid tailwind for most stocks. The speculation is in full force. HOOD has more than doubled since the elections last year. It made another new 52-week high after crushing earnings estimates last week. Given the acceleration in their growth, I wouldn’t be surprised if it tags 80 at some point this year. Other brokerages have also been in a steep uptrend – IBKR and FUTU. TIGR might be the next one to join them. COIN has been stuck in a range as it is more dependent on the price action in Bitcoin. If BTCUSD goes above 100k, we will probably see COIN and MSTR catch up. DKNG is another stock that allows people to speculate. It had a big-volume breakout on earnings last week.
Speculation is running rampant but this time it is not concentrated in a select group of big tech stocks. It’s a true market of stocks with new leaders.
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