New High for NASDAQ as Streak Hits 7 Days


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The Dow and S&P took breaks on Monday following last week's strong performance, but the NASDAQ just kept rolling higher. The tech-laden index is less exposed than its counterparts to tariffs concerns, allowing it to embark on this seven-session winning streak. It tacked on an additional 0.36% today to a new all-time record of 7588.3.

“The follow-through on Friday’s action in the NASDAQ is a very bullish sign for the market this week,” said Dave Bartosiak in Momentum Trader and Surprise Trader. “Don’t let the selling in the Dow turn you off the rest of the market. I’m fired up for this week.”

Speaking of the Dow, it opened in the green on Monday, but finished 0.62% lower to 25,178.6. The S&P was off 0.13% to 2783. Given the rough day for industrials (including Boeing and Caterpilar), much of this sluggishness can be attributed to ongoing worries about the new tariffs.

In the portfolios, Healthcare Innovators had a triple digit winner as Kevin let go of a biotech name that’s had some good news from the FDA. Blockchain Innovators added two new stocks that brought the new portfolio up to 10 names. Also, Black Box Trader swapped out two positions this week. Read the full write-up for more on these moves and make sure to check out the latest Zacks Confidential.

Today's Portfolio Highlights:

Blockchain Innovators: The new portfolio is up to 10 names after today’s pair of buys. The first addition is Japanese electronics giant Hitachi (HTHIY), which filed for blockchain-related patents all the way back in 2003! The other buy is Mastercard (MA). The credit card staple won’t be offering payments in crypto anytime soon, but it is adopting blockchain tech in order to cuts costs in their current business. Both of these names are Zacks Rank #2s (Buys). Read the complete commentary for more on these picks.

Healthcare Innovators: When Kevin first bought emerging biotech Sarepta Therapeutics (SRPT) back in May, he considered it a “highly-speculative” name since it only had one commercial product at the time. Well, it has surely paid off. The editor sold SRPT today for a return of 119.1%. The company plans to file an application with the FDA before this year is out for its second drug to treat Duchenne muscular dystrophy. The first drug has enjoyed financial success despite FDA controversy, and a recent meeting with the regulator was encouraging for the new drug. However, Kevin thinks most of this good news is priced into the stock, so any delays or disappointments (even small ones) could negatively impact shares. He considers this a good time to take that triple-digit gain. Read a lot more in the full write-up.

Black Box Trader: Two positions were swapped out this week. The stocks that left the portfolio were Univar Inc. (UNVR, +2%) and Fiat Chrysler (FCAU). The new buys that replaced these names are Express Scripts (ESRX) and Sprouts Farmers Market (SFM). Read the Black Box Trader’s Guide to learn more about this computer-driven service designed to take the emotion out of investing.

Counterstrike: "I expect this week will still be volatile, despite the recent strength in stocks. Tomorrow will see CPI, PPI and a 30 year Treasury auction. This data will move bonds, so expect stocks to react as well. Remember that any sign of inflation and investors will start to get nervous the Fed will raise rates aggressively.

"I’d really like to get the market a little higher and take some profits on a couple winners. Also, the short side doesn’t feel right again, so don’t be surprised if we exit PZZA sometime this week.

"In addition, my recent bearish feel seems to be wrong again. I’m not that excited about either way in the market, but being long is better than short. I expect a lot of choppiness is to come, so taking small winners (5-10%) might be smart over the next few months." — Jeremy Mullin

Until Tomorrow,
Jim Giaquinto

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