Top Advisors Corner

Tom McClellan: The New FANG Plus

The InterContinental Exchange (ICE) has just rolled out a new futures contract called the NYSE FANG+™, based on the original four FANG stocks (Facebook, Amazon, Netflix, and Google) plus 6 others.  The FANG term was originally coined by CNBC’s Jim Cramer.  Some analysts are seeing this as a sign of peak excitement over the trendy tech stocks, akin to a magazine cover indication.  While they may have a point, they are likely early in making this call.

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There haven’t been this many bulls around since the running at Pamplona in Spain over the summer.  With over 63% of investors thinking that the markets are going higher and a mere 14% in the bear camp, (per Investors Intelligence Sentiment survey) we haven’t seen a sentiment spread of this magnitude since right before the ’87 crash.

This bullish euphoria is during a period when stock prices are seemingly hitting a new high every day.  Last Friday, the Nasdaq posted its 61st record close for the year which matches the number that was reached for this Index during the dot-com bubble of 1999.

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Tim Ord: The Ord Oracle October 25, 2017

SPX Monitoring purposes; long SPX 10/16/17 at 2557.64.
Monitoring purposes GOLD: Covered short GDX at 23.23 on 10/20/17 =gain 2.56%; Short GDX on 10/13/17 at 23.84.
Long Term Trend monitor purposes: Neutral.

Yesterday the Tick closed at -347 and the TRIN at 1.56 which is a bullish combination.  The last time the market was near a high and the Tick and Trin closed near the current levels came on April 27, 2017 and the market staggered higher for another three weeks.  It common for the market to produce high or lows around holiday’s and the next holiday is Thanksgiving November 23 which is about four weeks away and could be the time where market could take a rest. Long SPX on 10/6/17 at 2557.64.  

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