The market continues to push into wild extensions with MSTR now taking the front stage. As I explained yesterday, you have some wildly expensive and wildly cheap valuations. Taking October off for a vacation has really put me on the sidelines, for those trading during that period I’ve seen the monumental gains achieved; well deserved.
There’s still little I can do but wait, I most certainly can’t chase and the R/R does not favour the short side either (yet). I’ve took the time to catch up on reports and other materials whilst I wait for new entries and buffers in existing ones.
Oil & Gas names continue to look really good.
XOM –
EOG –
Just to name a few, still not seeing the uptick or catalyst oil needs though. Remain bullish yet still just simply observing.
NVDA earnings report was great yet the reaction less so, with such a high valuation it will be hard to feel the boots and continue to upward trajectory. Now we get to find out whether NVDA price action has any control left over the rest of the market. Semis have been fading off for a while now, time will tell.
Robotic names SYM, IRBT etc got slapped yesterday. As did Uranium and the Space sector. All of which have been on impressive runs the last few weeks. I’m keen to see how far these pullback.
So really nothing to do here but wait, I won’t bother with a watchlist tomorrow unless there’s something to write home about. Don’t want to regurgitate the same thoughts on a daily basis.
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