Weekly Market Update 4/19/23: upside breakout

Weekly Market Update for May 19, 2023, from DeWayne Hall: Upside Breakout

Just when we were running out of patience, finally, the upside breakout we had been anticipating for quite a while. Took it long enough.

This upside breakout is led by just a couple of dozen names, mostly all in the technology arena. When Apple, Facebook (sorry, their Facebook, we refuse to recognize their cool new gender-neutral pronoun), Google, Amazon, Microsoft, Nvidia, and Netflix want to head higher, they’re taking the indexes with them, plain and simple. The other 99% of stocks are getting left in the dust, still stuck in the mud.

With this backdrop, what to do, oh what to do? We see the possibility of another two or three percent higher in the indexes, led by the big tech juggernauts. You can maybe ride their coattails a little further. But the rising tide of the handful of big-boy tech stocks isn’t lifting all the other boats. That, friends, should not be taken lightly.


The views expressed represent the opinion of Good Life Asset Strategies, LLC. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness.