Stock Charts: +17% Rally in 11 Days (QQQ)

March 30, 2022, 12:51 am EDT

+17% Rally in 11 Days (QQQ)

It is unusual to see +17% gains in 11 days for a major index like Nasdaq-100 (QQQ). Optimistic expectations for the Russia-Ukraine talk could be the driving power for the rally. But, this is not a reliable reason to expect this rally could run longer if the outcome does not meet expectations. 

Both Tesla (TSLA) and Apple (APPL) are good examples to show how strong the rally is that carries their stocks near their record levels again. However, the market enters into the overbought mode it is not a good time to chase them. 

As we mentioned yesterday that REIT emerges out quickly like PSA, EXR, EQIX, AVB. These are defensive names. Therefore, it would be better to stay conservative before the next financial storm.

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