Yesterday the S&P 500 closed at a new high for the year and so did the DOW as it rallied for 251 points. I talked about the market rally and sectors that are now coming alive to drive it higher and dope stocks with David Skarica in this interview:
One thing that is happening is that many of the past fad stocks that broke down this summer are still acting like crap.
Even though the market went up yesterday stocks like NFLX actually managed to go down.
FB also is still lagging and so are many of big cap tech plays of last year.
In contrast this week we saw Boeing make a new high this week and other defense stocks and many bank stocks do the same yesterday.
Look at JPM, which is in the DOW.
While big cap tech is lagging, money is shifting now into industrials, defense, and banks inside the US stock market.
World markets are still lagging and I think are still likely to fall more next month, but leadership is now in these US stock sectors.
And the momentum players are going into dope stocks, some of which have gone straight up this month like Bitcoin did last November.
One day dope stocks will stop this run, but when they do they will not fall back down the same way the crypto coins did.
I talked about why that is with David Skarica here:
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