The Leaderboard model portfolio came into Wednesday just over 90% invested, but we raised some cash by exiting positions in Palantir (PLTR), the SPDR S&P Bank ETF (KBE) and ProShares Ultra S&P 500 (SSO).
The Nasdaq composite suffered its first distribution day since the April 22 follow-through day, falling 1.4% in higher volume. The S&P 500 marked its second straight distribution day with a 1.6% decline in higher volume. Stocks were spooked by a big jump in the 10-year Treasury yield, partly due to weak demand for a 20-year bond auction.
Palantir slumped 4% in higher volume and closed 3.7% below a conventional handle entry of 125.26, while the SPDR S&P Bank ETF plunged through its 200-day line. We decided to lock in a solid profit in ProShares Ultra S&P 500 after entering the leveraged ETF on April 22.
Agnico Eagle Mines (AEM) and Broadcom (AVGO) joined as new half positions. Agnico reclaimed its 10-week moving average, while Broadcom cleared a 235.28 buy point, but got pulled down with the broad market.
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