No. of Recommendations: 2
From a (subscription) writer at seekingalpha just now:
"The superlatives are getting ridiculous. The top 3 names in the market, Nvidia (NVDA), Microsoft (MSFT) and Apple (AAPL), make up 21.5% of the entire S&P 500.
I'm already seeing a number of CEFs struggling to move up from here even as the S&P 500 (SPY) and NASDAQ-100 (QQQ) continue to dominate the ETF buy interest and make new all-time highs everyday it seems."
He mentions DNP, YTD NAV up +2.5% but YTD price down -12.7%.
"QQQX should be part of the what's working tier of stocks and funds with MSFT, AAPL and NVDA in its top 3 holdings. But something must be going on here when you still see selling in funds even when they own all the right names.
The bottom line is that the signs of a top and a reversal are accumulating.
I don't know what the trigger might be, but it's going to happen and when that happens, you will probably see a broader market pull back that should finally see ETFs like SPY, QQQ, XLK, and of course, NVDA, MSFT and AAPL pull back too.
"
I think I need to stop reading debbie downers.
