Author: Ivanhoff

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What a bounce in stocks last week. Almost everything went up while the U.S. Dollar was smashed.

Here are the ETFs that made new 52wk highs ahead of the indexes last week. They have the potential to be among the new leaders for the rest of the year: 

Biotech XBI, medical devices IHI, and healthcare providers IHF;

Clean tech- PBW, semiconductors – SMH, social media – SOCL, Internet – FDN, robotics and automation – ROBO;

China KWEB had a big breakout and held it despite relative weakness in its biggest holding BABA and the pull of the most anticipated IPO – Ant Financials;

Cannabis MSOS is another potential winner from the change in administration. 

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Most momentum stocks lost 20% in the past couple of weeks. Big Tech reported another set of impressive earnings and yet, it didn’t matter this time. Each of them except Google went down.  

The list of European countries applying stricter COVID measures continues to get bigger. The Europe 50 index broke below its September lows early last week and it has been in a free-fall ever since. Does the same destiny await the U.S. Market? So far, the S&P 500 and the Nasdaq 100 have managed to hold above their September lows. If those levels are lost, we might see a quick 5-7% drop. Everyone knows that there will be a new stimulus at some point in November. And yet, the market is starting to panic because of the renewed lockdowns and the delay of working vaccines. When there’s panic, there’s no rationality. We can even see stocks like AMZN which are benefiting from stricter COVID measures and just reported a record quarter, under heavy pressure.  

The U.S. Presidential elections should supposedly end on Tuesday and bring a little bit more clarity about the government’s priorities in fiscal spending. This has the potential to calm markets down a bit as people can allocate their capital with more confidence.

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One earnings report can drastically change the price trajectory of a stock and its industry. Take Snapchat for example. SNAP had a big earnings surprise (over 100% above estimates) and reported a notable acceleration in revenue. It gapped to new all-time highs and had the strongest week in its history, gaining 50% on record volume. Snapchat also projected a significant improvement in digital advertising conditions which boosted the stocks of FB, TWTR, PINS, GOOGL, SPOT.

Small caps outperforming and setting up for a potential breakout with a potential pivot at 164.25. It is not only about the new stimulus. We saw a big spike in interest rates which pushed banks and basic material stocks higher while it pressured homebuilders.

The market is acting as if the new $2 Trillion stimulus (it hasn’t been approved yet)  will only help the worst-hit by COVID sectors. The amount of money is significant. It’ll eventually trickle down to the balance sheets of the most profitable companies in Big Tech. This is why I think the dips in AMZN, AAPL, FB, GOOGL, MSFT will continue to get bought. QQQ is setting up for a potential bounce just before the biggest earnings week this season.

Try my new subscription service which includes a private Twitter feed with option and stock ideas, emails with concise market commentary and actionable swing, intraday, and position trade ideas, the Momentum 50 list of market leaders, and much more. See some of the recent testimonials.

PERFORMANCE

Here’s a Google spreadsheet tracking all closed option and stock ideas shared on my private Twitter stream and emails for subscribers.

Check out my free weekly email. to get an idea of the content I share with members.

Disclaimer: Everything I share is for educational and informational purposes only and it should not be considered financial advice.