With a meager $200 million budget, the third new Star Wars movie takes us to a “galaxy far, far away.â€Â Heavily funded and clearly extra-terrestrial, the market transports the bulls to their own galaxy far, far away.
In the film, vivid characters take you through an action-packed adventure. Visual dazzle adds to the spectacle. In the market, vivid characters that impact short-term direction keep the action-packed trading opportunities aplenty.
Visual dazzle by the way of new all-time highs in the NASDAQ 100, adds to the market spectacle. As usual, the Modern Family (SMH, IYT, IWM, XRT, KRE, IBB) kept us apprised of every twist and turn.
The market plot, filled with villains and heroes, delivers soul-stirring, gut punches and yes, even humor.
So, now that many of us have added to the market’s gross profits, while many more will add to Star Wars’ ticket sales, where do we go from here? Last week I wrote, “Literally every day, the recent top performer of the Modern Family-Transportation (IYT), has broadcasted the day’s sentiment.â€
Friday’s inside day (when the instrument trades in a range inside the day prior’s range) took us on a bit of a mind-bending journey. Incidentally, last week is also an inside week trading range from the week before.
Inside days are “pause†in the action days. They presume investor uncertainty. However, IYT has traded so technically perfect, that we can emphatically state that the “force†is with it.
Other family members had inside days last Friday as well.
Both Granny Retail (XRT) and Big Brother Biotechnology (IBB) gained, yet remained within Thursday’s range.
Whereas the Russell 2000 (IWM), Sister Semiconductors (SMH) and Prodigal Son Regional Banks (KRE) all closed Friday with higher closing prices than they had had on Thursday. Half the family optimistically paused, while the other half enthusiastically rallied.
