5/24/2023W UPTREND Day 40 Nasdaq fell a modest 0.6%. Lighter volume

5/24/2023W  UPTREND Day 40    Nasdaq fell 0.6%. But with 6% lighterr volume, the dip doesn't bother me.

THE MARKET’S MESSAGE   The Nasdaq takes a well-earned, modest breather.

Note: The LIVE Fort Worth IBD Meetup will be on June 1 which is the usually first Thursday of the month.  We meet at the Ol’ South Pancake house just outside of downtown Ft Worth (1509 S University Dr, Fort Worth, TX 76107) from >>>6:00 – 8:00 p.m.) There is no fee for using their room, but guests are requested to buy a meal.Questions?  Call me at  (214-995-6702.)   Please note the earlier start time I was able to negotiate this month.  PLEASE INVITE YOUR INVESTING FRIENDS. (And I will make you look like an investing genius!

The question I am still grappling with is, “How high will this Uptrend go!”

After the Nasdaq’s 21.5% rise in the first 4 1/2 months of 2023, does the market have an additional rise in it?”  

The market does not have to gallop up the price hill to make me money. A steady trot with occasional dips is OK. Especially if those dips are on light volume.  

What can spook me, would be …a cluster of significant distribution days.

Yes, distribution days (when price falls and the volume rises) will happen occasionally in every market.  And I can tolerate an occasional distribution day. Too many distribution days in a short period of time can indicate a rising market is giving up.

And “Yes,” I am still concerned about the debt limit and the Fed’s upcoming announcements, but I suspect they are largely done with rate increases – perhaps one or two more small increases.

On the MARKET ACTION (Nasdaq) OVER THE LAST 20 DAYS table below, note the flood of new highs – 8 of the last 14 days hit a new highs. These 14 days show a market practically running up the hill. And yesterday was the first distribution day in the last

With only 2 Major Distribution (selling) days and one minor d-day in the last 20 trading  days, the Uptrend is in OK shape. Look at the PRICE column in the table below.

 ·      The Nasdaq’s Accumulation rating is a solid B+ again, indicating more of the Nasdaq stocks are rising than falling. Sorry about that C for the S&P500 and  D+ for the DJIA indicating they have about equal sellers and buyers. (I’ve warned you about the weak relative performance of these two indexes at the moment. They may spring back so keep an eye on them.)

·      If you hold some of those lagging indexes (S&P500, DJIA), I hope your position is not too large. I haven’t held the S&P500 or the DJIA in my portfolio this year.  If you do, I suggest you rethink that strategy. If one of them powerfully turn back up, you can always jump on that winner.

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The ACCUMULATION/DISTRIBUTION TABLE

The number of stocks with A or  B ratings is barely changing.  Summer doldrums?

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                                 Editor2023@armchairinvestor.com

Wishing you, “Many Happy Returns.”

CharlotteHudgin, The Armchair Investor,  

www.ArmchairInvestor.com   (214)995-6702   editor2023@armchairinvestor.com  

2023 ACI NEWSLETTER sent via WEBFLOW

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