The Weekly Selection: 10/06/2024
Vol. 108: More Power Baby
Investors,
Welcome back to another iteration of The Weekly Selection, where I cover my thoughts on the market, some ideas for the week ahead as well as a few other goodies for your enjoyment.
This work is currently free, and I’d like to keep it that way! With that said, your support through sharing, liking and commenting would be greatly appreciated.
Indices
SPY 0.00%↑ traded sideways again this week, closing strong. Honestly, the intraweek action isn’t really my concern, as the most important action is that close. Seeing this amid so much geopolitical pressure is great, as its not about how you start, its how you finish.
GLD 0.00%↑ is surfing quite nicely along its SMAs. Last week I noted a potential setup building out, and we are seeing the makings of it live. I think its possible the GLD 0.00%↑ trade starts to taper off here for a bit as well. Below is a look at current gold price action overlaid with price action from the 1980 gold run. As you can see, spot gold is lining up perfectly with current GLD trust price, weird. Also, price action is the same:
Moving on to Mag-7:
The Magnificent 7 index holding up quite well also. Trading lower throughout the week then powering higher in the latter session. Imo, this will need more time to properly breakout here, but alas, maybe it goes now.
Parabolic Trend Analysis
ISRG 0.00%↑ Intuitive Surgical is a med devices company that saw an exceptional price surge in the early 2000s. This was almost entirely due to the approval and popularity of its Da Vinci System, which robotically assisted surgeons to greatly improve patient odds in surgery. Naturally, this meant that global adoption was swift, as well as financial growth! Hell of a stock, reminds me of TMDX 0.00%↑ currently.
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Past Performance
All this effort to barely outperform the index. But alas, decent week last week, although I could have done without some of these small names that needed more time.
Charts
ASTS 0.00%↑ pinched up on the daily, a pop over and breakout of DTL could be fruitful.
NVDA 0.00%↑ great look, reminds me of the last couple bases its had.
MSTR 0.00%↑ crypto once more. My watchlists have been the same few names for a while now, and its for good reason, Ive identified the leaders, now just looking for breakouts.
XOM 0.00%↑ breakout to all time highs. The rotation into energy is apparent as uncertainty rises in the middle east, piracy rages on in the Red Sea and Hormuz Straight.
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