I wouldn’t be surprised to see more consolidation in the market over the next few weeks. The best way to summarize my stance right now is longer-term bullish but shorter-term cautious. That is why I encourage everyone to know their own timeframe and stick to their investment objectives. Please keep in mind that we can correct through price or time. In other words, the market can move sideways in a range and doesn’t necessarily need to correct significantly. If we see a pullback down to the 50-day on the S&P 500 (approximately 2900), I will look to put more money to work around those levels.
The biggest positives for the market: there’s very little distribution, the leaders continue to act well, and the central banks are on our side. The negatives include: seasonality, very few quality setups, and we simply might need to shakeout some of the recent excessive bullishness. Overall, I think patience is required before we see the next sustained uptrend. There are many stocks that I still think have 30-50% upside over the next 6-12 months. I am currently 30% invested for my clients. I present many stocks in this video that I will be looking to buy (or add to) if we see a pullback over the near-term. If things stabilize and we don’t pullback, I can always add if the market’s resilience continues. As always, I am keeping an open mind and taking this day by day.
Topics covered:
1) 0:00 Announcements – Next Stock Screening Webinar, Sunday, June 14th, 7PM EST
2) 1:30 Market Commentary – Review of Thursday Night’s Email Note
3) 11:55 Index Review – Nasdaq Composite, S&P 500, Russell 2000
4) 13:55 Stock Review – Leaders: MSFT, AMZN, NOW, DXCM, TSLA, SHOP, AYX, COUP, BTAI, NVDA, SGEN, SDGR
5) 22:30 Stock Review – General Ideas: CCXI, CRWD, DDOG, FSLY, LVGO, PTON, TWLO, VAPO, ZM, ZS, AMD, CHGG, DT, EPAM, PYPL, SQ, VEEV, Z, STAA, ADPT
6) 34:00 Unusual Option Activity
7) 37:35 Conclusion/Summary