We have a perfect storm of positives to kick off the week.
- Positive China trade news
- Positive Thanksgiving week seasonality
- Solid technical pattern after a period of consolidation
- A high level of anticipatory bears
- Underinvested longs looking for exposure
- Stronger pockets of momentum
- Small-cap improvements.
So far the S&P500 has gone straight up from the open without any pullback. The biggest difficulty for many market participants is trying to put money to work. I have far too much cash and I'm chasing entry points trying to put it to work.
A good example of the momentum out there right now Splunk Inc. (SPLK) , which is building on a big move on Friday after a strong report. I'm playing Datadog Inc. (DDOG) and Ping Identity Holding Corp. (PING) , that are related.
InMode Ltd. (INMD) came back very nicely after a sharp selloff and my technical buy here on Monday is NeoPhotonics Corp. (NPTN) . A few other names on my radar are AudioCodes Ltd. (AUDC) , Sea Limited (SE) and Inseego Corp. (INSG) .
This price action is steamrolling the bears and causing some major FOMO (fear of missing out) among the bulls.