What can I say? The market is going nuts – minus retail and energy. The simple fact is that if you bought segment leaders in January you could be up well over 30% by doing nothing… just sitting and riding the wave.
IWM was strong Thursday and Friday (somewhat) as traders took a risk-on mentality by entering into higher beta names. Friday’s close was well off its highs and might have just been end-of-week profit taking. We’ll just have to see how it caries through on Monday. The struggle will by breaking those April highs, but as long as we continue to print higher lows (have been since March), there are no obvious sings of a market correct down.
IWM Daily
SPY is a beast, bolstered mainly by the big techs. There is no weakness here, but it would be nice to consolidate next week. Thursday and Friday’s volume-supported moves have created new support levels. Enjoy the ride.
As you can see below, I went a little crazy this week. I exited AMD (small loss) and might be regretting my mid-week exit from NKE.
done trading for the week.
I’m exposed long more than usual for a Friday. bah. Stops set.
Recent adds, currently open: pic.twitter.com/eIjpkXLexh
— Ryan (@ryanmathews) June 2, 2017
I entered IBB ahead of the cancer conference this week. I expect IBB to get a lot of attention throughout the upcoming week.
Worth noting – BOTZ is on fire and treating my IRA well. It’s my AI play.
