The Weekly Selection: 10/15/2023
Volume 060
Hello Investors,
Welcome back to another volume of the weekly selection! Lets get right into the indexes, shown below with notes to follow.
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Index Charts
SPY 0.00%↑ up first, as per usual. I like the look here on a larger timeframe, but this could easily get dangerous in the near term. With a solid backbone support around $420, I am looking to see either a retest, or a slightly higher low from there, continuing a theory of this being a longer dated bull flag.
QQQ 0.00%↑ looks to have slightly more structure, with the flag being more apparent, and this last week looking like a rejection from the trend. To me this is signifying that tech is continuing to drive the market, with less participation from other sectors like we saw in the summer.
Midcaps IWM 0.00%↑ getting crunched under the pressure, testing lower zone.
$DXY, or the dollar remains in a consistent uptrend. it is beginning to make a frozen rope type setup and I think if this slips, It could slip rather quickly.
Tip of the week
Understand seasonal cyclicality. Think to yourself when studying for your next investments or trades, what season of the year am I in? Are there any businesses that perform well during this time of year, businesses that perform worse? While much of this is baked into the market, exceptional or underperformance in different industry groups may leave room for trade or value buy, and it is important to keep this in mind at the beginning of every new season.
Past Performance
Decent performance out of the selection this week. Did not manage to beat the market, but was able to pick a few stocks that had great intra-week runs. All 4 on the selection had over 6% of room to play throughout the week, making for nice options trades.
Charts
CAMT 0.00%↑ another week on the watchlist. I like this high growth setup, showing a score of 98 on the relative strength scale. If a higher low can be put in here, I will look for an entry.
CELH 0.00%↑ PA slightly broken, but I like the retest and bounce last week. A higher low this week would be a nice pivot off these lows.
COST 0.00%↑ a long add from march, I like this again here as it sets up under this pivot.
MNSO 0.00%↑ off my growth scanner, with annotations.
That’s all for this week.
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