The Weekly Selection: 10/22/2023

Volume 061

Oct 22, 2023

Introduction

Hello Investors,

Welcome back to another issue of The Weekly Selection. In this, I go over my thoughts on the state of the market, where I think the market may go, some ideas I am watching into the rest of the week, as well as any additional educational commentary that I may deem valuable.

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Lets get right into the indexes. When I first start to look for ideas and clues about the market, I always start with my large time frame indexes. I find that this method shows the big picture, which is ultimately most important, first.

SPY 0.00%↑ up first as per usual. As it can be observed, we rejected the downtrend pretty heavily last week, and are now retesting the support around 420. This has been a historically significant level, with continuation below being pretty important.

QQQ 0.00%↑ has a bit more room down to find its support, which is sitting at around $335.

Weak USD lately, surprising with equities selling off so aggressively.

There are a lot of ways you can draw Gold right now. The way I see it, on large timeframes there is a huge, loose consolidation. I think any tightening here should not be trifled with, and therefore is something to watch.

Quote of the Week

“If you make enough, it doesn’t matter what the taxes are.”

- My dad

This is a quote my dad told me at a young age, and has always stuck. Spending less time focusing on getting worked up about how much taxes, fees and other trading related costs are and focusing more on honing in on your craft and improving fundamentally will generally improve your ability in my opinion.

Past Performance

I don’t have my excel model with me right now, but the performance was rough for the individual stocks I had on watch. Many of which that had relative strength going into last week, lost it rather quickly. CAMT 0.00%↑ and COST 0.00%↑ were notable losers.

Charts

With some big tech earnings next week, I think it would not be wise to create an ideas list for this week. Instead, I will post the top tech stocks reporting earnings this upcoming week.