We were discussing Wednesday how tech stocks were no longer fragmented, with the Nasdaq 100 (QQQ), Semiconductor ETF (SMH), Communication Services (XLC) and Consumer Discretionary (XKY) all in line…I also mentioned that usually when tech heats up like this, Bitcoin heats up. The Grayscale Bitcoin Trust ETF (GBTC) is now standing atop the heap as Bitcoin has crossed the $100K market, up over $103K this morning.
This means we have some firepower, and what else happened yesterday? The Nasdaq hit an all-time high.
That said, action this morning is largely random and choppy this morning with not much going on.
We have Jobless Claims and International Goods and Services today, but I think the big report will be Friday’s Employment Situation.
Gold is still consolidating while the U.S. dollar is sagging. If that continues, it will be good for the gold market, and the long bond (TLT) is also rising, which will be good for the stock market.
If it continues to move higher, that’s great for tech and rate-sensitive stocks. And the fact that it’s holding near the 200-day moving average is a good sign.
It will also put pressure on the dollar if it stays up, which again will be good for gold…
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
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And that’s because the holiday season historically causes random movements.
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