Profit Taking or Bear Market?
Good day everyone,
Our extended coverage of Vuzix last week worked out well. We alerted the company on Monday at $3.79/share and on Wednesday the company shares hit a high of $5.10, closing at $4.78. VUZI shares closed out the week at $4.39 per share holding on to a large part of the week’s gain. That translates into potential bookable gains of 34% for our members. Congratulations!
Our evaluation of VUZI shares still indicates they may be oversold. We will likely revisit these shares in the future.
All through August we were reporting new high levels in all the stock indices. Now those same indices seem to be taking a break, retreating with some profit taking. Keep in mind that the big tech stocks who are leading the retreat, were due for some profit taking as some of them doubled, or more, in value during the 2020 tech run.
The NASDAQ, where we live, hit a high of 12,056 last week, representing a year-to-date gain of 34%. The NASDAQ currently is at 11,313, showing a slight pullback. Let’s remember how quickly indices can correct and recoup. As news of the coronavirus pandemic broke, the NASDAQ fell by 30% in just twenty trading sessions, then regained that 30% in just fifty-five trading sessions.
We believe the bull market is alive and well. There will always be corrections and profit taking at intermittent points during a bull run but the demand for investments that have the potential for a decent yield remains high.
We have been writing this newsletter for a long time and have experienced market expansions and corrections. Regardless of what the overall stock market is doing, there have always been stocks that have near to mid-term gains. Our job is to seek those companies out and report them to you.
2020 has been a struggle for many people. The pandemic has turned many lives upside down with illness, job loss, fatalities, masks, and many things we never thought we would live to experience. It has been scary, unsettling, and sad.
But through it all we have remained steadfast and dedicated to our task of reporting to our members on companies with strong potential that may result in gains for our members.
How do we do that? We follow a lot of companies looking for potential stock catalysts that are current or may be happening in the mid-term. As most of you know, we keep an eye toward the biotech sector because that is where a lot of new and exciting technologies develop. We do that every single day and it pays off.
We hope everybody enjoyed the long holiday weekend and spent time with friends and family. Now it’s time to get back to business and focus on our portfolios. Whenever there is a market pullback, the value buying opportunities abound.
We have a handful of companies we are watching that seem to have near term catalysts or have been oversold. We believe one, or more of them may be ready to report on this week.
Stay tuned and be prepared.
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