The rises in the big momentum stocks like NFLX, GOOG and AMZN are moving the QQQ higher but are masking the weakness in the general market. Traders are seeking refuge in a few big names. There were almost 400 new lows on Thursday, more than twice the number of new highs. With a put/call ratio of 1.0 on Thursday, we should get a bounce today. But when earnings season is over, there is nothing to propel stocks higher, and here comes the Fed. I am mainly in cash in my trading accounts.
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Thank you for your daily insight!