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Broad Market Outlook
It took more then a year of our patience as we waited and watched this macro base form in the overall market. Prior to that we watched most of our favorite names get taken to the wood shed the year prior. For the last year and a half our patience, bank roll and interest in the market has been tested and then tested again.
Yet with patience and perseverance we are finally entering into the breakout stage we have been waiting for. The S&P has cleared both the 420 and 430 major resistance levels with great momentum. Over the last 6 months we have been talking about how we felt we would see a retest of the current all time highs by the end of the year. Now with the overall market a mere 10% away from achieving that goal our confidence can increase with each passing day as the market continues its climb to the all time high retest area.
We have seen how tech has been leading espically with how extended the QQQs have gotten last week.
As the overall idea of seeing a retest of new highs looks to be in the cards that does not mean we let that confidence turn into cockiness. There are still ebbs and flows to the uptrends where taking profits into parabolic moves are still wise.
We want to remember when we are the most confident when our ideas are working left and right to follow the rules that we stick to when those same ideas in the past were not working as they are now.
We should see the market continue to drift higher into the end of the year but it is rarely a straight line higher, there will be pull backs and shake outs that question this move back to highs. Remember the market climbs on a wall of worry. When we get those pull backs and shakeouts don't let the current worries keep you out when those are the times we want to find those support buy back set ups.
We should have a profitable few months ahead, keep those watchlists updated and ready! Excited to get back into the swing of things with our Pre Market Call tommorow before the open! Hope to see you there!
From Bennett
SPY
Dow Jones
Nasdaq
Mid Caps
Small Caps
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Sector Rotation
Sensitive - sectors that have moderate correlations to overall market conditions.
Tech
Energy
Industrial
Telecom
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Cyclical - sectors that are more sensitive overall market conditions.
Materials
Consumer Discretionary
Financials
REIT
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Defensive - sectors that tend to outperforming during sub par market conditions.
Consumer Staples
Healthcare
Bio Tech
Utilities
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Big Picture Set Up's
GILD
GILD has continued to base in this $4 range around a recent shakeout a few weeks ago that showed the buyers were still supporting this name. Up through $80 vs $76 seems to be the proper entry for this base breakout in GILD.
JPM
JPM has been flagging under this $144 level the entire year and recently has tested the area with a pivot low only a mere 2% lower. With the financial sector pushing out of its base and the regional banking drama in the rear view. JPM could be poised for a breakout higher on tight risk.
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