This will be a shortened blog as is the case every other week.
The stock market rally stalled this past week with a big intra-day drop on Thursday (after making new highs earlier in the day). Nevertheless all three averages hit new all-time highs this past week. The big tech stocks had mixed results –AMZN was the big loser down $25.96 or 2.48%.
For the week, the DJIA gained 1.16%, the S&P 500 fell 0.02%, and the NASDAQ Composite lost 0.20%. For the 2017 year-to-date, the DJIA has gained 10.46%, compared to 10.42% for the S&P 500, and a 18.42% for the NASDAQ which is still the big leader among these three indexes year-to-date. The BDH strategy has lagged the marke being up 8.28% for the year, and down 0.26% for the week.
There are still many stocks not participating in this rally. The number of new 52-week NYSE highs contracted to 421 compared to 431 the week before. Oil staged a monster rally of more than 8%, fixed income ETFs declined slightly, and GLD and GDX climbed 1% and 2%, respectively.
We will see if the market can reclaim new high territory this week or begin a summer decline. Be careful and have your trailing stops in place, as no one can predict what will happen next.