The US stock market is closed today, but we got things to look at. I hope you had a good July 4th holiday weekend. It is the number one time of year in which people celebrate being born in the USA.
Stock traders also are excited about the potential for more gains, because on Friday last week the S&P 500 and Nasdaq both closed on new 52-week highs. Take a look at the chart for the SPY ETF, which tracks the S&P 500.
The Friday close sets up a possible float up move like we saw in April and last year in August. Nothing excites people on the Robinhood app more than seeing the stock market go green multiple days in a row and nothing else can drive them to buy more stocks, go on margin, and increase their call option buying either. You saw how the rise in Bitcoin above $30,000 led to the creation of an electronic herd of crypto collectible coin buyers who piled in up to Bitcoin $60,000, many whom proclaimed their excitement all over social media, as even many on the sidelines bought and became converted believers in crypto cult leader claims, even being captivate by Elon Musk. But now they are like people who bought a TSLA and now know it is not what they thought it was. There are no get rich quick mechanisms in the financial markets.
The reality off $tsla #technology in real world. https://t.co/CL1kiXYYiT
— Mike Swanson (@tradermike_1999) July 4, 2021
I will never ride in a computer controlled car and I will never tell you to buy a crypto collectible coin!
#bitcoin is a waste of energy – not just electrical energy – but also the mental energy and life energy of those that buy it. https://t.co/MmTlyFDOF8
— Mike Swanson (@tradermike_1999) July 2, 2021
I personally am already invested in the stock market and have no need to buy anything else, but if you are interested in five stocks to buy now, and say sell at the end of the month for a trade, here are five leading stocks inside the S&P 500 that look like they are melting up.
These are more for trading ideas than long-term buy points. The best way to take investment positions is to buy on dips with a focus on the stocks that hold up the best within a given a sector. We are now seeing such an opportunity in the gold and silver mining stock world. I’ll post about that tomorrow.
-Mike
