The Weekly Selection: 03/26/2023
Volume 031
Introduction
Hello Everyone,
Welcome back to another volume of The Weekly Selection. Lets get right into it. SPY 0.00%↑ closed up slightly from the week before, but in general has not made any significant changes to its structure that are worth noting. Both last week, and the week before have had significant volume, which is something…
The chart for SPY 0.00%↑ and other indexes are shown below:
a relationship I am watching is SPY 0.00%↑/ QQQ 0.00%↑. While both represent the total stock market, QQQ 0.00%↑ has significantly higher tech holdings and less financials and energy. This relationship is clearly on display as of late, with QQQ 0.00%↑ outperforming SPY 0.00%↑ rather significantly since the beginning of the year. I think this is mostly in part due to the banking system issues as well as energy underperformance this year.
Tip of the week
Patience. If anyone has been following my trading/investing journey for any length of time, you will know that compared to a couple years ago, the level of size that I am trading with, as well as volume of trades has decreased significantly. I stress this in all of my lessons, being patient and waiting for ideal setups is of the utmost importance. In this market, preserving capital is everything, and while it may feel dry or stale right now, sticking to your rules and only taking the highest quality trades will pay dividends in the long run. No pun intended.
Past Performance
Nearly hit a full board of green this week. AEHR 0.00%↑ was a knockout, with a crushing 25% gain to high price, and finishing the week up 17%. I dont think ive ever lost money on this one, gotta love it. FTNT 0.00%↑ and STM 0.00%↑ were other notables, with STM breaking up and then fading in the end of the week, such is life.
Charts
FTNT 0.00%↑ going back on the list. Loving the look here and its potential above this resistance band. Equity on this one, the options chain is pretty bad.
STM 0.00%↑ staying on the list as well. Retesting the breakout last week, looks good for continuation. Additionally, semis and equipment have been hot lately and STM taking full advantage.
WDAY 0.00%↑ is a slower mover, but sure looks nice with a high tight range above its moving average stack. No sector significance.
HUBS 0.00%↑ is an expensive buy, but it really gets moving. I like it into this week, although its not showing any significant financial health, which is something ive been looking for in my selections as of late.
First mega cap ive had on here in a while. I usually try not to put these on as most people watch them just out of habit. Cant deny this AAPL 0.00%↑ setup though, looking staunch in this flimsy market.
Thats all for this week everyone. Thanks for reading, and if you enjoyed feel free to subscribe and like this post to support me.
Have a good one
Tanner