The Weekly Selection: 10/01/2023
Volume 058
Introduction
Hello Investors,
Welcome back to another iteration of The Weekly Selection. In this publication, I share my thoughts on the state of the market, the performance of my stock ideas, and some helpful research and tips.
Lets get right into the index review. Last week we had more economic data, and that caused a fair bit of volatility. I took some equity trades, but have been hands off the options until I find that a trend is in play that lasts longer than a few days, LOL.
SPY 0.00%↑ traded down last week, breaking below the original flag that was building out. As you can see, the intraday moves were quite volatile as well. This lent alot of opportunity for scalps, but nothing of substance.
IWM 0.00%↑ giving a similar perspective, trading down but in an undefinable range that in my opinion shouldn’t be touched.
XLE 0.00%↑ not giving us much to work with here. Inside week at the top of the range, but overall not very exciting.
Tip of the week
I am sure ive said this before, but if nothing is jumping out at you, don’t bother trading it. My primary source of income is trading and investing, which puts a certain type of pressure on myself to perform. That being said, in a time like now where volatility is apparent and duration runs are minimal, its so important that I am hands off the market. Saving myself money, and also giving myself the opportunity to better understand the market around us, which is one I have never experienced before.
Past Performance
Individuals last week had a strong showing. NVDA 0.00%↑ bounced perfectly off the point of contention. COST 0.00%↑ beat on earnings, and CRWD 0.00%↑ also made a nice bounce. ADBE 0.00%↑ consolidated at the bottom of the range, and I think this will continue in the upcoming week.
Charts
TSLA 0.00%↑ is putting in a higher low from its august bounce. I think this show of relative strength is important, and a longer dated equity swing with the right entry could be palpable.
QCOM 0.00%↑ could do the dash out of this descending flag. higher lows are important here.
Besides this, are my usual watchlist stocks. They include:
https://www.tradingview.com/watchlists/120660952/
All there.
That’s all for this week.
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