The Weekly Selection: 1 Year Anniversary!
Volume: 051
Introduction
Hello Investors,
Welcome back to The Weekly Selection, where I go through my thoughts on the market, some tips to support your own investing journey, and my personal favorite stocks for the week ahead.
This particular article is special, as it marks my 1 year anniversary posting on Substack! In this time, I have put out 51 weekly newsletters, missing only one week, as well as an additional dozen or so educational articles to go with them.
In this time, I have accumulated over 300 subscribers and just shy of 20,000 views. These are huge accomplishments for me, and I cant wait to see what the years to come have in store!
Anyway- back to it. Markets traded down this week, with some conviction. For the last couple of weeks, I have been talking about how there is still plenty of indecision and lack of opportunity in the primary indexes, and this week that changed. SPY 0.00%↑ QQQ 0.00%↑ and IWM 0.00%↑ all broke their 50sma (moving average), for the first time since January of this year.
Below are the charts with my thoughts annotated:
SPY 0.00%↑ pulling back below all moving averages. Ranges noted for potential bounces.
QQQ 0.00%↑ more volatile in the base, not giving much in the way of points of contention.
XLE 0.00%↑ continues to impress
Tip of the week
A pro of my one-on-one market lessons is I get a gauge on trader discipline across a wide array of skill levels. Something I’m seeing in the newer/less skilled trader bracket is the absence of discipline to recognize the lack of trend we have experienced for the last couple weeks. Up until Thurs/Fri, there really was no reason to be trading, unless a truly standout setup presented itself. recognition of this broken price action coming off of mixed earnings from the top companies is something I was not seeing, and ended up costing many considerably.
Past Performance
As stated at the beginning, there was some overall downside this week. The open to high category showed some promise, with SMCI 0.00%↑ offering a nice range to trade within. My primary goal last week was capital preservation, and that was reflected in my trades channel in the discord, which was rather empty.
Charts
ANET 0.00%↑ continues to move cleanly through the right side of the chart. After another consistent earnings beat and solid y/y growth, as well as consistent technical strength, This will be on my focus list this week.
IOT 0.00%↑ has been a tricky one to get a hold of in the last few months. I think there is opportunity here, just need an entry with definable risk/reward at a technically sound level.
ORCL 0.00%↑ building out an exceptional base. This has both downside and upside potential, given a nice breakdown or continued hold of the noted $114 area.
That’s all for this week!
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