Markets Churning To Find A Bottom

By Bennett Tindle October 1, 2020

Can you believe that despite the recent correction, the Nasdaq 100 (NDX) is still up over 30% year to date?! Meanwhile, the S&P 500 is only a few percentage points in positive territory for the year. It frankly comes at no surprise given how saturated the NDX is in tech stocks… Add to that COVID-19 expediting the transition to a remote workforce, and you have the makings for this monstrous tech outperformance. As the economy continues to come back online we expect continued rotation into discretionary and non-tech sectors, including the transports which continue to act well. In fact, our Chief Analyst Bennett Tindle went long Fed-Ex back in May at $125, which is now trading over $250 as of October 1st. If you are interested in seeing where he expects the markets to go from here, tune in below as he brings you up to speed on our current Elliott Wave developments.