The market is rallying nicely ahead of the open Wednesday after strong earnings data from Salesforce (CRM), which is a great gauge of how consumer discretionary is doing in the U.S.
CRM raised its full-year revenue forecast, as did Okta (OKTA) and Marvell, (MRVL), and that’s one of the best things a company can do in regard to its stock price. This is a very important thing.
Altogether, those three stocks are all up 12% or more.
Not only that, but the third day after a major holiday is generally when institutions are really back to trading, so volume starts to get back to normal.
I don’t know if this is sustainable, but I like what I’m seeing so far.
Communication Services (XLC), the Nasdaq 100 (QQQ), Semiconductors (SMH) and Consumer Discretionary (XLY) are currently leading the way.
Market cap is being driven by the Magnificent 7 stocks while the equal-weighted S&P 500 (RSP) is down to its eight-day moving average.
So right now, things look strong, but this is ultimately a red flag because you don’t want seven stocks to carry the whole market…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
- Telegram: https://t.me/+_vmfwkeP8fA5YWQ5
- YouTube: https://www.youtube.com/@Roger-Scott/videos
- Instagram: https://www.instagram.com/thetradingpub/
- Facebook: https://www.facebook.com/TheTradingPubOfficial
- Twitter: https://twitter.com/Rogerscott1970
Important Note: No one from The TradingPub team or Roger Scott Trading will ever message you directly on Telegram.
P.S. Weekly Cash… In Less Time? YES!
The BEST traders use SIMPLE systems to target extra income.
You don’t need to:
- Be a 30-year veteran.
- Start with a large amount of capital.
- Know how to leverage complex options.
All you need is a regular brokerage account…
A few minutes a week…
And a simple strategy that pays you every Friday…
If you’re tired of trading systems that take up all your time…
And you’d rather spend time doing something you enjoy — instead of staring at charts…
While we cannot promise future returns or against losses, we have what may be the best way to target extra weekly cash flow…
