For the month of August, the Dow closed up +2.2%, the S&P +3%, while the Nasdaq outperformed, up +5.7% – its best August return since 2000.
The Summer months of essentially aimless trading — where major indexes churned between a record hit in late January and a 2018 low hit shortly thereafter have now built what should be a base of support going forward.
When the S&P 500 broke above that resistance and closed at an all-time high on the previous Friday — the first in a four-day-long streak of records — it not only represented a new peak, but the end of a lengthy stint of essentially sideways trading.
This most recent market breakout from that multi-month base and this week’s follow-through is clearly a bullish signal.
ALL AUGUST BUYS FROM MY PERSONAL PORTFOLIO SERVICE
|SYM||PRICE||BUY PRICE||BUY DATE||MAX LOSS GUIDE||P/L %|
– Prices as of Friday’s (8/31) close.
I ran my routine stock screens over the 3-day weekend and added 2 new stocks to our watch list.
We now have 17 stocks which we will be watching for the next buyable breakout – see here.