The Weekly Selection: 05/21/2023

Volume 039

Introduction

Hello Investors,

Welcome back to another volume of The Weekly Selection. Last week gave us a pretty significant move that we talked about on Sunday, and hopefully everyone was able to find a piece of it to get a hold of. Excerpt shown below:

This ended up holding true and providing some great opportunity in the latter part of the week on some strong upwards momentum. The key level was 415 and once we got a close above, SPY 0.00%↑ was off to the races. Chart below:

With the weekly closing above this key range we have spoken about many times, I find it hard to believe we don’t get some continuation here. I will be positioning with this in mind.

Tip of the week

Wait for confirmation!

Often times we get so confident in our biases that we make decisions prematurely. Set levels that serve as a confirmation and make trades based off them. Do not randomly purchase in the middle of the wedge, as the success and risk is much more skewed negatively when doing so.

Past Performance

Definitely fumbled this week vs the index. I was not anticipating large cap tech to take such a stance in this breakout, and it cost me. NOC 0.00%↑ was a nice bounce but nothing like some of the other names I traded throughout the week.

Charts

WING 0.00%↑ is first up. No drawings on this one, just a clean uptrend and flag after earnings. Would love to see this continue to ATH.

Definitely need to be careful with MELI 0.00%↑. Tight setup and some higher lows, but this could easily roll right over considering how long its taken to get going.

NXT 0.00%↑ bit riskier pick, Fresh IPO and tight on the daily/hourly.

Not putting the farm on it, but this FSLR retracement to breakout could provide a nice bounce area.

That’s all for today!

Thanks for tuning in, see you next week!

Bonus photo from the PGA Today:

- Tanner