Thanks to a good labor report for October and upward revisions for prior months, the S&P 500 (SPX) rose t0 another all-time high. Since the month began, the index has inched its way higher over six sessions by 0.69%.This is how a bull market operates, small incremental moves higher over extended periods of time.

In what is an unexciting week without any significant economic or earnings reports and a day off to celebrate Veterans Day on Tuesday for the bond markets, I expect a tepid market   with a similar upward bias as that for last week.

Overweight the NASDAQ

Conspicuously, one market has not made an all-time high, the NASDAQ. Whether it’s the broadly based NASDAQ Composite (IXIC) or technology heavy NASDAQ 100 (NDX), both peaked on an intraday and closing basis on March 10, 2000. Having closed at 4,160.50 on Friday, the NDX remains 10.25% away from reaching its old high of fourteen years ago. That index is also on fire, rising 12.4% since the markets bottomed intraday on the day of the great Ebola scare on October 15, outpacing the SPX and Dow Jones Industrials (DJIA), in the process.

As we head into the end of the year, NASDAQ stocks are the ones you want to overweight. The top holding in the NDX is Apple (AAPL) with roughly a 12% weighting. If you don’t own Apple then think twice and buy some. Google (GOOGL) is the third largest holding in the index. That stock is off a little more than 1% this year and should also not be ignored. Not only do we own those stocks but I also bought the ProShares Ultra QQQ (QLD) as an portfolio overlay.

Mark Your Calendars For Wednesday

While the markets may be quiet this week, my dance card is full, especially on Wednesday when I will conduct my weekly chat from 1-2PM and then will be a guest on Bloomberg Radio at 4:30PM.

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Disclosure:  At the time of this commentary Scott Rothbort, his family and/or clients of  LakeView AssetManagement, LLC  was long AAPL, GOOGL & QLD— although positions can change at any time.

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Scott Rothbort  is also the publisher of the LakeView Restaurant & Food Chain Report, a newsletter focusing in on food, restaurant and agricultural stocks. A subscription is included with a paid Platinum Membership to  Wall Street All-Stars  or an individual subscription to the newsletter which can be ordered at  www.restaurantstox.com

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