Nasdaq Market Update for 10/20
It was a choppy day with many moves back and forth. After being up 1.34% at one point in the day, the Nasdaq dropped in afternoon selling, ending the day with a 0.33% gain.
"Successful trading is about finding the rules that work and then sticking to those rules." — William O'Neil
It was a choppy day with many moves back and forth. After being up 1.34% at one point in the day, the Nasdaq dropped in afternoon selling, ending the day with a 0.33% gain.
The stock market opened the week on a sour note on Monday. After being up 1% at open, the market quickly turned and trended downward the entire day. The Nasdaq finished the day -1.65% lower on higher volume.
The week brought some mixed signals. There were positives. Although it was disappointing to pull back from Monday’s highs, the market needed to settle back down from the accelerated gains of the last few weeks. There are some positive signs.
It was a back and forth week with Technology ( XLK ), Utilities ( XLU ) and Energy ( XLE ) all fighting for the top spot. Even Industrials ( XLI ) made a late effort to end the week at the top.
Just an interesting look at how value stocks have been left behind as money flows into presumably the growth stocks. That intuitively makes sense, but 2020 has been particular hard on value stocks. If you are a value investor, you must be shopping quite heavily now, knowing your day is coming.
For Growth Investors, there were a few shocking days over the past months where the indexes went up but our portfolios went sideways or down. There’s no worse feeling than having the market go up and have your portfolio go down. The cause was sector rotations as investors moved into “discounted” stocks that were hit the worst during the market crash of 2020 and hopes were they would recover sharply.
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