Market Momentum Is In Full Gear - Be Choosy And Do Not Chase

By Jordan Kimmel

Sunday, October 20, 2024 4:48 PM EST

“Perfection is not attainable, but if we chase perfection we can catch excellence.” - Vince Lombardi

Market Commentary:

Market momentum is in full gear- be choosy and do not chase

Momentum indicators have continued to gain strength. The wall of worry is intact, and the market keeps climbing.

If you are in cash, maybe you are too focused on the news rather than the market conditions.
The market is supposed to ebb and flow…all we see these days is flow.
The Advance/decline on the NYSE hit another new high, the NASDAQ is still surprisingly weak. The 52-week new-high/new-low numbers look even better.
The infrastructure buildout is full gear and is now much talked about trend. It is for real, and there are a dozen market leaders in this area. The problem is most names are currently over-bought.
It is apple picking time in the Northeast. Successful farmers harvest and sell their goods. What is worse than spoiled fruit you cannot sell?
There is tremendous strength and activity in the bio- tech sector. I would not have any shorts in this sector. Look for a slew of merger activity. I am ready for one.

Economic data and market clues:

Earnings season remains the focus this week. Remember it is more important how a stock reacts rather than what they said about the past.

Maybe it is time to stop focusing on The Fed and own shares in the best companies in the best sectors.

Is anyone excited to lock in a 3% CD? Not when the markets look like this.

Selected current holdings:

Magnet® :

Byrna Technologies BYRA

Green Brick Partners GRBK

Zim Integrated Shipping ZIM

FACTS:

Generac GNRC

Dycom DY