The Weekly Selection: 04/16/2023
Volume 034
Introduction
Hey Everyone,
Welcome back to another volume of The Weekly Selection! Its quite interesting how the markets can go from looking poor to great in just a few days. After last weeks economic events, we are starting to see some bidding into the top of the range on $SPY. I believe a breakout here could send us up considerably, as the range in place is now nearly a year old. Below is the chart with some annotations. Note the 2 greenish boxes, representing the range.
While it certainly is not perfect, this is the range I have been using to justify going long or short throughout the week. Remember, this is technical analysis only and any change in the economic landscape could have drastic effects on price action.
Quote of the Week
“Adapt or die”
- Charles Darwin
In his Original book, ‘The Origin of Species’ Charles Darwin alluded to this quote in his discussion of species that either did, or did not keep up with the ever changing landscape and eventually were no more. I see this as I see traders in the current market. Many who were successful in 2020 and onward, are now struggling. I hear the same comments over and over, most of which stem from the same line of thought, which is that old strategies no longer work. In this new, fast paced, and often unpredictable market its critical to explore all options and strategies to maintain the edge.
Past Performance
Beautiful stock performance last week from the selection picks. This portfolio has been a tremendous success since it started and I’m happy to see so many take advantage of these ideas in their own way to generate returns.
Charts
Tons of great setups this week, lets get started!
IOT 0.00%↑ is up first, with a solid consolidation over the previous base high.
I contemplated keeping PI 0.00%↑ off the list this week. While it looks awesome, it reminds me of alot of setups that simply take too long to play out. When this happens, its often that they breakdown despite looking phenomenal prior.
HUBS 0.00%↑ is a previous pick from this newsletter, and it looks even better now than it did before. These mid level growth and large cap tech stocks are really shaping up.
SGML 0.00%↑ is a current holding of mine, and for good reason. Inverse head and shoulders setup as well as lithium being a hot group right now. Definitely my favorite this week.
ONON 0.00%↑ is a relatively new shoe company that has been performing tremendously after smashing earning this quarter. Seems to be resting now to start a new run.
Thats all for this week!
If you enjoyed, feel free to drop a like and a sub to support my work. See you guys next week!
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