Market remains constructive, more sectors and groups are participating even on pullback
21/6/2023 Market Diary
1. A welcoming consolidation in the market after a big recent run. Remarkable that major indexes were able to close off their session lows thanks to MGK $Vanguard Mega Cap Growth Index Fund ETF Shares(MGK)$ -0.14% recovery from early weakness. MGK was -0.9% intraday.
2. Strongest group move were in Bitcoin related ETFs, $Grayscale Digital Large Cap Fund LLC(GDLC)$ +13.14%, $Valkyrie Bitcoin Miners ETF(WGMI)$ +9.74%, $Bitwise 10 Crypto Index Fund(BITW)$ +7.12%, which may set them on track to continue their market leadership in 2023. BTCUSD was up +5.19% while GBTC +11.44% for the day. WGMI could be the first +200% group in 2023 (currently +196%)
3. KWEB $CSI China Internet ETF(KWEB)$ China pullback to 50-MA and 200-MA zone. Further consolidation would present opportunity.
4. ARGT $Global X MSCI Argentina ETF(ARGT)$ Argentina closed new all time high. EWZ $iShares MSCI Brazil ETF(EWZ)$ Brazil closed YTD high.
5. Market remains constructive, more sectors and groups are participating even on pullback.
6. Focus: $Intuit(INTU)$ $StoneCo(STNE)$ $Goosehead Insurance(GSHD)$ $Microvast Holdings, Inc.(MVST)$ $Nordic American Tankers(NAT)$ $Novavax(NVAX)$ $Nikola Corporation(NKLA)$ $Trupanion(TRUP)$ $MicroSectors US Big Banks Index 3X Leveraged ETN(BNKU)$
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