Mid-Day Report – 6/22/2021

The NASDAQ 100 had managed to best the overnight high and yesterday’s high to achieve a new, all-time high (at least intraday). So far, price is finding acceptance in the NASDAQ 100 expanded range. The S&P 500 has achieved the same besting of the ONH and yesterday’s high, but not the all-time high.

The Founder’s Group has maintained its small, initial short position and is looking to add to it late today, depending on how the rest of the day goes. We were very close to getting stopped out on the last hourly bar – but squeaked through thus far.

The price movement has been impressive, but the internals are lousy. Nothing has changed significantly in the macro picture outlined in our View from the Top discussion earlier this week. If I am wrong on a slightly bearish call here, it will be because we are being undermined by the capitalization math of the tech stocks. If that turns out to be the case, then I will move from the index itself to a narrower target like the sector or some sector leaders. That is my personal, unofficial position for the Founders Group.

The Navigator swing strategy remains 100% cash for now. 

For day traders, we did have another nice breakout trade from the initial 30-min range today, just like yesterday. I will post it at the end of the day.

A.F. Thornton