Starting From Scratch

The Early Days

     Momentum continued to surge in the energy related and infrastructure names. Letter X was up around 30% and it was all very exciting until you took a step back, looked at the daily chart and noticed how sad it is that a 30% move barely makes a dent. This is how it will be for quite some time.

     I have to admit that things, the Markets, etc. do seem and feel a lot more stable. It’s not as easy, at the time of this writing, to see us breaking below 7392. Fundamentally, nothing has changed in the last few weeks with the exception of acceptance and faith. We’re putting a lot of faith into this new administration. Maybe too much but who knows from this point. It’s not very clear right now but at least the Markets seem to be searching and scratching to believe in the positive side of things. Until that might change again.

     The bottom line is that, and I loosely quote from another trader, is that pumping money into the same economy is not creating and putting sustainable use to our abundant lands nor is it creating new wealth. I really want to believe and I am really tempted to buy more into my JB portfolio. Not yet. My focus is buying into some of these energy and infrastructure stocks when we get another pullback. If we push higher and hold past 9000 this week and we get overbought then we sell off,  I would be interested in X and DIG to start out with and will keep the list tight.