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Momentum Monday - Should You Be A Bit More Defensive?

As a reminder, MarketSurge (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from MarketSurge. They are offering my readers 2 months for $59.95 - save $239. That's 80% off the most powerful stock research platform for individual investors.

Welcome back to Momentum Monday!

In today’s episode of Momentum Monday, Ivanhoff and I discuss the following:  

  • Intro and $SPY

  • Commodities

  • Latin America and Mexico ETFs selling off (strong US Dollar)

  • $NVDA and tech stocks

  • Semis, $QQQ and more

  • Healthcare stocks and ETFs

  • $HOOD Robinhood

  • $COIN Coinbase

  • Pharma stocks

  • $ADBE Adobe

Reminder: Riley on my team created the ‘Trends With No Friends’ email which is my go to list every day to track what is working and what is not. You can get it for free here.

In This Episode, We Cover:

  • (00:00) Intro and $SPY

  • (3:35) Commodities

  • (4:00) Latin America and Mexico ETFs

  • (5:45) $NVDA Nvidia and tech stocks

  • (9:00) Semis, $QQQ and more

  • (12:08) Healthcare stocks and ETFs

  • (14:51) $HOOD Robinhood

  • (17:49) $COIN Coinbase

  • (22:06) Pharma stocks

  • (23:07) $ADBE Adobe

Here are Ivanhoff’s thoughts:

SPY is at all-time highs and yet there are more stocks hitting new 52-week lows than 52-week highs? Historically, this has led to a pullback in the next few weeks. This doesn’t mean that it will happen again but it is something to consider when taking on new positions. Maybe risking less and being more selective is the way to go.

There are still decent setups that lead to quick 1-3-day moves but volatility has picked up and we are seeing more reversals.

One of the groups that stood out last week was social media. META broke above 480 and it is now consolidating. PINS followed through to new all-time highs. SNAP also bounced on Friday.

Semiconductors had a big breakout. A few that have set up for a potential move higher include LRCX, AMAT, AMD, etc.

Crypto-related stocks and ETFs had a strong week up until Friday when most sold on heavy volume. It seems interest rates impact crypto too. We saw a big bounce in rates after a much hotter-than-expected jobs number on Friday.

In the meantime, the US Dollar also had a big rally which put pressure on most commodities.

And here are the charts discussed:

PS - Here is the latest ‘Trends With No Friends’ which covers ‘new highs and new lows’ and measures the followers (friends) on Stocktwits versus the prices. Subscribe here.

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