Tech May Hold Key To Continued Santa Rally
From the close of November 8th to the close of December 9th (today), the Dow 30 Index has gained 1,424.11 points...a gain of 7.77% since the U.S. Presidential election.
Daily Dow 30 Index
Percentages Gained Since U.S. Presidential Election
In the meantime, while the Nasdaq Composite Index has finally broken out and closed at all-time highs, the Nasdaq 100 Index is still stuck in a 1 1/2 year trading range. We'll see if it plays catch-up to break out, and round out, a potential continued Santa rally into the end of this year...and, possibly, signal overall market strength for 2017, as I wrote about in my Market Forecast for 2017 post.
Weekly Nasdaq Composite Index
Weekly Nasdaq 100 Index
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The article is cogent and you are right in suggesting that Tech needs to get involved if the Santa or #Trump rally is to continue! What puzzles me is $AMZN's lack of involvement in the rally, same goes for $FB but they are fighting the currents caused by inaccurate ad metrics and fake news! AAPL is a one product company and lately they can't even produce a decent phone. AMZN, however, has no excuse. A 55% YOY increase in AWS and stupendous sales numbers have not moved the needle. $GOOGL is the only #FANG member that has shown some positive momentum. In the absence of Biotech and Pharma, Tech needs to fill that void or the rally has seen its best days already!
Thx, Alexander...If $AAPL execs can be convinced to repatriate its overseas cash in exchange for forgiveness of paying taxes on such a transaction by some kind of Congressional intervention (which includes AAPL committing to invest in public infrastructure programs), you could see its stock break out to new highs next year. Perhaps Mr. Trump's team can work some kind of magic in this regard. Your comment has inspired me to write about a potential rally on my Blog at StrawberryBlonde'sMarketSummary.com.