Market Summary: The market started the week strong and then we saw some end of the month profit taking that carried over into Friday. From here, it’s very important to be prepared for different scenarios. If the market resumes higher, hopefully you have some exposure to participate. I am currently about 50-60% invested for clients but please keep in mind this can change depending on market conditions. Ideally, I would like the market to consolidate in a range and digest its strong recent move. If we head lower, the most important thing to watch will be the price action of the big liquid growth leaders (some examples include MSFT, AAPL, AMZN, NVDA, NFLX, TSLA, VEEV, DXCM, SGEN, TEAM, OKTA). In uptrends, strong stocks tend to hold their 20-day moving averages and so far, these stocks are doing that. If they breakdown and distribution picks up, I will reduce my exposure. Overall, I am still more constructive and optimistic than most because the leaders are acting well and the Fed is on our side.
Topics covered:
1) 0:00 Announcements
2) 1:05 Market Commentary/Index Review: Nasdaq Composite, S&P 500, Russell 2000 and the NAAIM survey.
3) 12:00 Stock Review: AMZN, NFLX, MSFT, NVDA, TSLA, BTAI, CCXI, CHWY, DXCM, ICAD, KALA, IPHI, DOCU, TEAM, MRSN, ACAD, NLOK, NLTX, SDGR, SGEN, SHOP, SPCE, SNDX, ZNTL, VEEV, OKTA
4) 33:30 Conclusion/Summary