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The Nasdaq 100 was more than 30% above its 200-day moving average on Wednesday, which was the most extended it has been above its 200-day since the Dot Com boom of the late 1990s. Even after a big two-day pullback to close out the week, the Nasdaq 100 remains 22% above its 200-day. You know an index is extended when a bear market decline of 20% wouldn’t even put it below its 200-day!
In this week’s Bespoke Report, we analyze the market’s drop over the last two days and try to determine whether it’s the start of a longer-lasting correction or simply a blip within a long-term uptrend.
We also take a look at this week’s big economic releases, including Friday’s better-than-expected Nonfarm Payrolls report and the monthly ISM manufacturing and services readings for August.
We close the report with a deep dive into each of our Bespoke Model Portfolio holdings. If you want to know why we like each of the stocks in our most popular growth portfolio, this week’s report provides a detailed look.
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