Posted November 10, 2020
By Alan Knuckman
My Market Forecast: More Gains!
The market is getting choppy once again following last weeks massive post-election rally.
But were ready for anything
My strategy as always is to position for success. You know Ive been bullish I dont think any of the news related to the election or a potential coronavirus vaccine changes anything. This market is setting up for gains.
Check out my latest appearance on TD Ameritrade Network where I talk about where I see the market heading as the holidays approach, how I always sell into strength to book consistent gains, and my next hot trade
Remember, Optimism always wins!
Keep it In the Money,
Alan KnuckmanEditor, In-The-Money
Chart of the Day: Does the Nasdaq need a break?Looks like we have another crazy week ahead of usFollowing the huge post-election rally, Pfizer and BioNTech announced their joint COVID-19 vaccine is more than 90% effective, sending stocks soaring Monday morning.Obviously, there are plenty of details to work out. But the vaccine news ripped through the markets. We saw reopen names jump higher while stay-at-home stocks were clobbered. The popular big tech names lost their footing, and the Nasdaq drifted lower. Not only did it underperform most of the day it also fell off a cliff at the close as skittish investors took profits on the 2020 tech darlings. Many of these stocks posted double-digit losses.It was more of the same on Tuesday, as the Dow and S&P continued to outperform the tech-heavy Nasdaq.As of Tuesday afternoon, the Nasdaq was looking like it wants to try and fill the those post-election gaps after failing at 12,000:
However, I dont think its time to get too bearish on the Nasdaq just yet. Remember, many of these stocks have ripped off triple-digit rallies since the market bottomed in March. They deserve the benefit of the doubt even during this hard reset.I also dont trust a lot of these moves in reopen stocks. Its possible that reality will come back to hit some of these beaten-down names hard once this euphoria wears off-- Greg Guenthner