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Overall was a decent day coming off of such huge gains in the tech and growth sectors yesterday. We can usually expect stocks that are up 20% one day to pull back a little the next. Today the Dow Jones set new all time highs as cyclicals and financials pushed upwards. Nasdaq finished mostly flat and I consider that a win if you are a tech and growth fien.
Notable Recent Picks:
My portfolio is down 0.85%, which is mostly due to declining semiconductors. My options positions held up decently today.
My only order that got filled today was $OGIG, 25 shares, for $53. It is down a little more and I'll keep DCA into this one as I believe it will see good returns over the rest of the year.
I am waiting for a double green day in the Nasdaq to confirm that this dip, for the most part, is behind us before I open up new shorter term positions. For now, I will stick to my plan of DCA into my longer term tech/growth positions.
If tech continues its decline this week, I'll buy more into the financial sector, probably $FAS. If tech shows signs of life, I will start picking up more call options.
$TNX: The 10 year treasury yield declined for the second consecutive day. I don't believe this means all that much other than the yields are temporarily down. Although, there is a good chance that the yields cool off more as more foreign countries have interest in buying these bonds, as in Japan. Even if the yields fall for 2-3 days, they can still be on a slope of incline, pushing towards 1.7%.
However, like I've always said, even if the yields do push towards 1.7% to 2%, eventually this will get priced into the market. Overall, this is a sign of a healthy economy - we should be relatively thankful.
What can we invest in in the meantime?
I've cut all of my shorter term positions and options, anticipating a bigger drop off in tech and rotation into cyclicals. Oil is having a hay day and if you believe in non-renewable resources, I suppose you can buy into $GUSH or $ERX, at least for the short term. I'm more interested in the financial sector bull ETF, $FAS. Financials should be directly impacted from the rising rates. I'm still buying the dip in slow increments. These blue chip tech companies that have made so much positive impact in the past decade are not going anywhere - even if they are down in the mid term.
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