Weekly Market Update for June 9, 2023, from DeWayne Hall: Small-Cap Tech Stocks Rally

The market continues to march higher. The handful of large tech household names that have been leading the charge the past month or so are taking a breather, while a host of small-cap tech stocks take the reins.

We’ve been saying for a while that stocks can move higher. Pullbacks are getting bought as buyers appear eager to gain exposure, and there’s no sign of that changing just yet.

The only fly in the ointment just dropped in: Everyone appears to be suddenly jumping on the bull train.

• Articles declaring the end of the bear market began appearing on CBS MarketWatch this week.
• CNBC just announced a new bull market this morning with a shiny new chyron scrolling across the bottom of their screen.
• And the CNN Fear and Greed Index, (one of the only truthful and helpful products CNN puts out), is registering a 78 today, which moves the index into the “Extreme Greed” category, a rarity.

What does it mean?

The saying goes that stocks rise on a wall of worry, when everyone is down in the dumper and we’re being led to believe the world is coming to an end.
In contrast, stocks peak when the world is wonderful and everyone is giddy euphoria to own stocks. MarketWatch, CNBC, and CNN just signaled the stock market is no longer facing any worry-wall, rather starting to party like it’s 1999.

We reiterate: the charts still look good, and we see the market probably grinding higher over the next few weeks as everyone piles in for fear of missing out. For active traders and market timers, money can certainly be made during times like this, as long as you are aware we’re starting the peaking process.

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.