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The Next Market Leaders - Quick Update
Hi everyone, there will be no new issue of The Next Market Leaders tonight as I have been traveling over the past few days and unable to watch the markets as usual.
The recent action has been choppy and continues to be sensitive to incoming news, but still relatively constructive nonetheless. I noted earlier this week that I was looking to see some consolidation and this is it. Provided selling does not accelerate in the indexes and the recent trading range developed over the past few days holds as support, the rally could continue. At face value, it seems like that range will not hold and instead head back down to test the support confluence of the rising 21-EMA and declining 50-MA.
Since moving to cash two weeks ago, new buys at the noted breakout points in leaders have provided negative feedback so far. That should lead to sizing down in new positions until things start working again. Things can change rather quickly and most of the leaders are still holding up well, despite some fading initial breakouts with the market not acting quite right.
Focus list: FSLR, ENPH, CELH, GFS, PI, ON, MOD, SMCI, CEG, PBF
The next full issue is due out on Sunday night. Have a great rest of the week!