Jim’s Mid-Week Comments 9/9/21

The NASDAQ Outlook

  • Short term trend, next 4 weeks = slightly extended,
  • Intermediate term trend, 4 weeks to 3-4 months = up
  • Long term trend, 4 months to 1 year = up

    Thoughts:
    A few names are working but most breakout attempts are met with limited volume and weak follow up buying.

    This remains more of an investors market.

    Current True Market Leaders (TMLs): but extended or not buyable
    UPST
    NET
    NVDA

    Current Best buy ideas, Not TMLs but offering a legitimate buy point:

  • AFRM @$101.5+ (They reported and gapped up after Thursday’s close)
  • GNRC @$459+
  • PLTR @26.0 & @$27.60
  • MELI out but no volume or follow through.
  • AXON @$194.10 & 198.10+
  • DVN @$30.5
  • CMG=Very tight. Slower name
  • COIN over $281+
  • CRM @$276
  • CRWD came out but has gone dormant. Like MELI
  • FSLR is a good example of the lackadaisical summer weak action, not blowing up but hard to
    make $$ buying breakouts.
  • RH looks a lot like DOCU on earnings day. Massive volume but couldn’t make a new high = caution.
  • AMBA & LULU came out today.
  • DASH finally attracted high volume on its move out. Extended now.

    CRYPTO
    I remain Extremely bullish on Bitcoin (BTC) & Ethereum (ETH) intermediate term but short term crypto needs a bit of
    digestion.