The Nasdaq entered correction territory down TEN percent and the Dow is at all-time highs. That is not fake news. Prices do not lie.
The Nasdaq 100 (where I hunt and fish) and the Dow Jones have diverged the most since 1993.
I don’t know if this is the beginning of the end or the end of the beginning or a perfect opportunity to buy last years favorite momentum stocks. JP Morgan. was out yesterday saying ‘the unwind is mostly complete’. That and a nickel…
I was nibbling personally on Friday and yesterday.
I own software/technology stocks, fashology stocks and my 8 to 80 stocks and many happen to be momentum stocks.
While I have been a seller of these stocks on the way up, this move has been fast and deep and therefore a little nerve wracking.
In big drawdowns, like I am experiencing now, I go back and look at ‘The Best Performing Stocks in The DS&P Over The Last 30 years’:
What I don’t see is banks, airlines, steel stocks and energy stocks.
I will stick with my long term plan by owning great brands in technology and fashology.
PS – I continue to recommend the daily ‘chart report’ which is free for people that want a brief and helpful look at the charts that the technicians are looking at daily.