The S&P 500 (SPY) is less than 1% away from making new highs. However, this isn't the story of the day or the week. Instead, it's the insane action in meme stocks that have captured the public and the market's attention. I've noticed a tendency for the indices to have muted price action on days when the meme stocks are raging and that was true today. Another contributing factor is certainly the upcoming jobs report on Friday which will likely be our next major catalyst. In today's commentary, I will discuss recent tweaks to our market outlook, why the meme stock bubble will end in tears, implications for our portfolio, and updates on some of our positions. Read on below to find out more….(Please enjoy this updated version of my weekly commentary from the POWR Growth newsletter).
The S&P 500 (SPY) has essentially been locked in a range between 4,200 and 4,050 since early April.
In mid-May, we tested the lower end of the range and have steadily moved higher and are now consolidating under all-time highs set in early May around 4,230.