Major averages finished slightly higher on mixed, above average volume after a roller coaster day, finally closing roughly midbar. Both the NASDAQ Composite and the S&P 500 showed some churning and stalling action as they become extended in their upside moves off of the February lows. A pullback here would seem logical, and it would likely take a failure back through the 50-day moving averages by the indexes to end this rally.
The shift from defensive names to growth stocks has been modest though risk-on indices such as the Russell 2000 and semiconductor SOX have been outperforming. A few actionable names that materialized were emailed to members last week. As always, keep stops tight as advised as specifically suggested for each stock mentioned in this past weekend's summary report.
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