The Weekly Selection: 04/23/2023
Volume 035
Introduction
Hello Everyone,
Welcome back to another Weekly Selection newsletter! Lets get right into it. The broad markets didn’t give us much, closing essentially flat at the top of the long term range (seen below). That being said, individual stock performance was pretty strong, with many of my favorites performing well. In all reality, a flat broad market is fine for trading, since it allows the true relative strength stocks to run without too much pressure from a downside move in SPY. I will take that all day.
SPY 0.00%↑ chart seen below:
As we can see, the definable range is holding, with many points of contact on either side and only a couple false breaks. On these larger timeframe charts, and with so much macroeconomic pressure, its difficult to get perfect ranges, but creating one regardless is great to know where we will at least experience trouble/relief.
Tip of the week
Let the candles close before exiting/entering. It is so easy for us to get faked out on wicked candles, often times Ill cut before the candle fully closes, only for a full recovery to come at the close, creating an even better setup than what I was in before.
Past Performance
Exceptional individual stock performance compared to the index. Aside from $SGML, which really threw a turd in the punchbowl, all ideas were positive. Looking forward to keeping this up. ONON 0.00%↑ and IOT 0.00%↑ are still looking strong, although I will not feature them this week.
Charts
Alright lets get into this weeks ideas.
MBLY 0.00%↑ is up first. Strong base and volume into their earnings on Thursday, I usually try to avoid putting stocks on here that are reporting during the week since it can throw off the performance on a binary event, but MBLY has been growing and showing the last few quarters, so its on here.
HUBS 0.00%↑ is one of the best in class right now. Tight over its stage 1 base and reporting in a week. Id like to see a run into the report.
NOW 0.00%↑ in a flag in the middle of its range. Looking strong on the daily. Earnings this week as well, careful there.
COST 0.00%↑ is one of my long term holdings. As we can see, its looking quite strong into this week, with a massive break of downtrend and hopefully some continuation.
Short list this week, really only looking for the best of the best.
See you guys next week!
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