HGSI Doc Top Down Review 7.19.2020
Growth Stocks rotated out of favor for this week with sharp reversals on Monday. Yet, the markets ground higher the rest of the week with the laggards (DJIA and RUT) leading higher into the weekend.
We are now entering the heart of the EPS season. We saw NFLX get hammered as it missed EPS on the quarter and took down new subscribers going forward. Is this an omen of things to come?
The markets continue to climb a wall of worry as COVID is increasing, cries for closing the economy are increasing, civil unrest continues, consumer sentiment is falling, employment is still weak, and the political bantering is off the charts. Yet this market keeps going higher. I suspect the FED is propping up the market despite all the bad news.
There are clear signs for concern, but will this be enough to kill the Bull?
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Dr. Jeffrey Scott is a private investor and educational affiliate for HGSI Investment Software LLC