The Weekly Selection: 09/10/2023
Volume 055
Introduction
Hello Investors,
Welcome back to another Weekly Selection Newsletter, where I go over the broad markets, my opinions, as well as some helpful tips and ideas that I am watching this week.
Lets jump right into the indexes:
SPY 0.00%↑ first, still trading in this bull flag that has been setting up for a number of weeks now. Ideally, we see this fully play out, meaning multiple points of contact on either side of the flag. The more points of contact, the more justified the pattern becomes, which is exactly what we want to see on the most important index in the market right now.
QQQ 0.00%↑ tech based index, building out a similar flag, but slightly stronger compared to the more balanced SPY or VTI index.
XLE 0.00%↑ Energy, exceptional breakout to ATH. So many nice setups within now starting to go, including VLO 0.00%↑ which has a primary watch of mine for a week or so now.
Quote of the week
“Preparation for tomorrow is hard work today”
- Bruce Lee
Haven't had a quote in a while, but this one seems fitting for this week. A benefit of working with a large number of traders is all the data I can collect from various people at different levels of their market journey. As of late, I’ve noticed a larger portion of traders expecting results without putting in work outside of their lesson or their trading day. To truly be successful, or ever just to be knowledgeable, it is important to take time before the market opens on the weekends to do a full review. During market hours, It can be difficult to learn as its easily to get distracted by the days runners. Sunday nights, I host a free market review/AMA in my discord, and I think its the most valuable time of my week. I get to see everything before it unfurls, rarely leaving me stranded once the week begins.
Past Performance
4/5 for last weeks newsletter ideas. DUOL 0.00%↑ and CRWD 0.00%↑ were obvious standouts, with AMZN 0.00%↑ and SMCI 0.00%↑ trading down throughout the week only to close strong.
Charts
NFLX 0.00%↑ putting in a nice base below a large gap. Primary watch this week.
VLO 0.00%↑ had a strong week, If oil continues to perform this could be another pushing to ATH within the week.
SMCI 0.00%↑ again with a strong week and strong look into next. Gap to fill above is clear as day.
HVAC sector has been hot lately, no pun intended. MOD 0.00%↑ is definitely a leader here, with a nice pivot to play off of
PERI 0.00%↑ with a beautiful base consolidating on top. Looking to see continuation here. The R/R is phenomenal on this fundamentally sound business. That’s all for this week!
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