Excellent Stamina:

The Nasdaq has been the leader this year and it is showing no signs of wanting to relinquish that status. Monday it rose more than 1% for the 6th time in the last 12 sessions, and on a WEEKLY basis, it has lost ground just 5 weeks in all of 2023. I have been cautious, but remain fully invested because PRICE action is telling me to do so. There have been some dubious candles but remember at the end of the day PRICE action is omnipotent. If one thinks the market has come too far remember it can remain irrational for a lot longer than most think, and that is on both the up and downside. The Nasdaq chart below shows the tech-heavy benchmark has nearly reached its measured move to 13500, from the ascending triangle that began at the very round 11000 number. But these are just guidelines and often have investors selling very prematurely. It lost one-third of its value in 2022, and since 1975 has lost ground in back-to-back years just once (that, of course, was a horrific time between 2000-22). The WEEKLY cup base could continue into year-end approaching the 16000 area over the next one-year period. It continues to climb the “wall of worry” as well with Barrons cover story last week as well.

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