The Weekly Selection: 09/04/2023
Volume 053
Introduction
Investors,
Welcome back to another Weekly Selection newsletter. Happy Labor Day, as I’m sure many of you have noticed by now, the market is closed in observation.
Im going to keep this one pretty short and sweet on the top end of the newsletter, but lengthy in chart setups. There are a number of stocks I am watching for consolidations into the next couple weeks and a few that are actionable now.
Lets get into it.
Indexes first:
SPY 0.00%↑ has a nice weekly right below all time highs. As mentioned in previous weeks, Its very difficult for a a chart to push through all time highs without some kind of driving catalyst, after making a significant run already. The only example as of late is NVDA, which even still put in a decent base before making the push.
XLE 0.00%↑ putting in a nice week right at all time highs, Looking for continuation here, especially in shippers and some of the lagging big name energy stocks, such as XOM 0.00%↑ CVX 0.00%↑
XLK 0.00%↑ brief breakout to ATH, a flash down and right back up near the pivot. Tech has been kind lately, and many of the top holdings within are still in play, AAPL 0.00%↑ MSFT 0.00%↑ AMD 0.00%↑ NVDA 0.00%↑
Past Performance
Super solid week for everyones favorites last week. ADBE 0.00%↑ was a large standout, exemplified by its breakout. TSLA 0.00%↑ needs more time, AMZN 0.00%↑ looks ready again.
Tip of the week
dont marry price action. To truly gain an edge in trading I believe there is a balance between fundamental and technical analysis that must be reviewed and implemented to perform well, consistently. In recent, Many people came to me to discuss DIS 0.00%↑ Disney, in the hopes of catching a nice bounce off of Covid lows. I urged for individuals to understand that the fundamental structure of the business has changed, and I will do a full write-up on this shortly to explain further. The quote I used for this: “Price action does not matter when the fundamental structure of a business has changed”.
Charts
DUOL 0.00%↑ through the pivot within the bull flag. This is a pretty volatile name and super fun to trade equity on.
SMCI 0.00%↑ everyone knows as my favorite to trade this year. Oversold on an earnings beat, and good guidance. Easy bottom pick, and now putting in an inside week.
AMZN 0.00%↑ not much to be said here, Super clean setup on the weekly timeframe.
MDB 0.00%↑ tightening up on the pivot, needs a couple weeks
CRWD 0.00%↑ sign me up buttercup
That’s all for this week!
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