From the Desk of Kimmy Sokoloff
Yesterday we broke out of this sideways channel on $SPY, and this morning the market is gapping up.
We have near-term resistance at 417.50 or so, which was the May 1 high.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
Yesterday we broke out of this sideways channel on $SPY, and this morning the market is gapping up.
We have near-term resistance at 417.50 or so, which was the May 1 high.
by JC
Sector Rotation is the life blood of a bull market.
In the back half of last year, almost everything was working – except for some growth stocks and Tech.
Then came 2023. The best performers have been growth stocks and Tech.
That’s what we mean by “sector rotation”.
Last year they were all bitching about the fact that these Tech stocks and the Nasdaq weren’t working, even through practically everything else was.
This year they’re bitching that these Tech stocks are the only ones working (hint: they’re not the only ones).
Large-cap Tech outperforming does not mean that market breadth is weakening. It just means that Large-cap Tech is outperforming.
This is classic sector rotation – a characteristic regularly found throughout bull markets.
So what comes next? [Read more…]
by David
From the Desk of Kimmy Sokoloff
The market was full speed ahead, again, and we closed a gap above at $SPY 415.27.
SPY held support at 410 like a charm.
by David
Fresh off their annual meeting, Warren Buffett’s Berkshire Hathaway takes the spotlight on today’s hot list.
Buffett and Berkshire continue to accumulate shares of Occidental Petroleum $OXY, disclosing yet another purchase, this one worth roughly $125 million.
by David
From the Desk of Kimmy Sokoloff
Talks over the debt ceiling are still going on, and the futures are higher in hopes of an outcome.
The 410 area has been a solid support level for $SPY. We’ve broken below there for short periods, but we continue to hold it.
by David
This is the video recording of the May 17, 2023, Inside Scoop Weekly Strategy Session.
by JC
This is the video recording of the May 2023 Mid-month Conference Call.
by David
From the Desk of Kimmy Sokoloff
And, once again, this market is range-bound…
There are still opportunities out there, you just have to look for them.