iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
22,556 Blog Posts

WE ARE RALLYING

Crypto miners are +30% for the year thus far. Tech and healthcare sectors are +6% — with all others up in the range of 3-5%. The only down parts of the market are in oil and gas — which is burdened by an unusually warm winter — as NATO applies weather weapons to the environ to deal with the gas shortages.

We all wait, EAGERLY, for a reversal — since it is known that stocks “belong” lower. But we’re not getting that and if I might suggest, boldly even, to avoid a net short position whilst this rally takes place.

The Russell is only +3 for the month, NASDAQ +2%. The indices are lagging due to large capped tech underperforming.

Inside Stocklabs, we are fantastically overbought. In the past, during bull markets, OB meant up. In the bear, OB was down. Am I to believe this is a new bull market or is this just another ruse and will fall flat and go back lower.

It should be noted, the hardest hit stocks of 2022, stocks down 35% or more, have not rallied in 2023. They are, on the whole, down 1.1% YTD — much of the losses found in SAAS.

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