The Tech Unwind and the Rotation out of Stay-at-Home stocks accelerated this week with the NASDAQ declining 4% and dropping below its 50dma; while the S&P 500 absorbed some of the buyers, thus faring better, down only 2.5% and holding at its 50dma.
Because of the underlying economic data, and recent stock market price action, I remain optimistic and see market drawdowns as a buying opportunity. Thus, on Friday I not only added to some existing holdings, I also bought the following three new stocks:
- PLTR Palantir Tech
- SWI SolarWinds
- XM Qualtrics
FYI- to the uninformed, SolarWinds has nothing to do with solar panels nor wind turbines.
For a summary of why I remain optimistic and where I see this market headed, please listen to the latest episode of the Wealthsteading Podcast: https://www.wealthsteading.com/323
Spoiler Alert: The current media fabricated crisis du jour of rising interest rates requires a willful suspension of disbelief. (see attached chart)
Also, for those of you that have asked about my COVID Puppy, he’s now all grown up and made a serendipitous cameo appearance in a recent video: https://youtu.be/ufZX7Tw_9So
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