Navigator Swing Strategy – Back to 100% Cash
I am out for the rest of the day, but all the indexes just popped out of their triangles and hit the WEM weekly targets, when the large-cap growth stocks finally kicked into the rally. Otherwise, the broad market was doing well today.
The NASDAQ 100 is negatively diverging from the S&P 500 today, perhaps a bad omen or more evidence of a leadership change. The more value-style leaning Dow Industrials have been performing better than the S&P 500, and the Dow index may be the lone index to close above its 21-day line.
After today’s close, Alphabet (GOOGL), Advanced Micro Devices (AMD), and PayPal (PYPL) report earnings. Starbucks (SBUX) also announces results. Alphabet will certainly have some influence on the indices tomorrow.
Let’s see how it goes and I will drop a note later tonight.
A.F. Thornton