Sweet Spot:
Where as recently as a couple months ago, some market chatter was centered around how many names were trading above their 200 day SMA (I believe we were in the high teens at the depth of the lows), fast forward to today and we have a few instruments that are trading at all time highs. One ETF that has been around for some time, and that has NOT achieved this honor, but is commendable, is HACK. Since climbing back above the round 40 number on 5/5, which was also its 200 day SMA, it has defended the figure very well. A lesser known fund is ESPO, which is trading at an altitude it has not seen before. Last week it demonstrated excellent relative strength rising 3.3%, as the Nasdaq fell 1.2%, and this was following the prior weeks 7% advance, making it even more impressive. Keep in mind these ETFs trade very small, in the neighborhood of about 100K shares a day, but looking under the hood to see the underlying components and one wants to be focused on them for investment opportunities. The ESPO counts NVDA and AMD as top 3 components, and do not sleep on NTDOY maintaining ground above the very round 50 number.