Top 10 Report – November 4, 2019

Market Insight

The NASDAQ and S&P 500 are both trading at new all-time highs, earnings season has maintained a positive tone, and a broad base of leading growth stocks have continued to form constructive bases, breakout on heavy volume and make worthwhile progress higher.

I would expect headline and tweet induced volatility to continue in the manner it has, which makes things tricky. However, it’s fine to buy stocks as long as you have proper edge and obey your sell stops. Make sure to exercise discipline and wait until you see “your setup,” so you have the conviction to stick to your guns when things get volatile and emotions are running high.

So, continue to keep track of the strongest stocks in the strongest groups, with superior fundamentals. Set your alerts and be ready to buy these stocks as entry areas present themselves.

NOTE: We are currently in the thick of earnings season, so be sure to check and double check when a stock is due to report EPS before initiating a position. These dates change, and often at the last minute.

The Indicies

The NASDAQ consolidated constructively above logical support last week and then broke out to new all-time highs last Friday, which is a sign of health and strength.

The small-cap Russell 2000 has made some serious progress over the last few weeks and now looks ready to breakout through significant resistance immediately overhead and continue towards new all-time highs.

The S&P 500 consolidated constructively above prior highs most of last week and broke out to new all time highs on Friday and closed near its high for the day, which is a sign of health and strength.

The DOW broke out through its immediate overhead resistance last Friday and appears as if it will be the next major index to make new all-time highs.

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November 3, 2019

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