The Weekly Selection: 10/30/22
Volume 11
Introduction:
Hey everyone,
What an exciting week we just had! Earnings mayhem, global news and more to make for a fun, yet volatile trading experience. Personally, most of this week was spent looking forward to this upcoming one, as I was mostly trimming/adjusting existing positions as opposed to adding new ones. After Fridays crucial close, and some heavy hitters out of the way, I’m looking forward to what we have in store.
Although it may seem like we can’t get any more packed with earnings, we’re looking at some potentially large moves out of this weeks reports. A full earnings calendar visual can be found on my twitter, HERE. A couple that are catching my eye are $LTHM and $ALB, as they have been some of my top performers this year, both trading and holding. Both are in the battery materials space ($ALB has many arms) and I’m curious how their production and demand gets affected with some EV companies reporting lackluster results. In addition to this, I have a good sized list of other notables, which we will get into later.
Quote of the week:
“The definition of insanity is doing the same thing over and over again and expecting a different result”
- Albert Einstein
A definition adjusted by Albert Einstein, this holds true not only for investors, but individuals as well. Change is inevitable, and when you find that after trying the same or slightly adjusted action/trade strategy with no progression, it might be time to take a step back and rethink from top to bottom what may be a course to an alternate result. When I first started trading, I fell into this pattern of trying and trying, telling myself if I give it time it will work out in the end without making any fundamental changes. However, once I recollected my thoughts, I saw an alternative path and so began a journey to a successful career.
Past Performance:
Below is last weeks performance. In a perfect world, individual picks beat the market, however that cant always be the case. last week, CLFD 0.00%↑ was the highest performer, with SWAV 0.00%↑ and GUSH 0.00%↑ both boasting crazy runs, but pulling back by Friday. This is why I still believe we should be nimble in these markets, targeting and taking smaller gains that what may have been expected in years past.
Charts:
I know this is a longer winded writeup. For my fellow students, this is a period with many important upcoming deadlines, and I wish everyone good luck. Without further adieu, lets get into the charts.
SPY 0.00%↑ up first. This last week saw us reclaim the 10 and 20 moving averages, which many deem to be important. Ideally, we are looking to trim/manage positions above these, and cut closer to the 50 which is about 40 points above.
LNG 0.00%↑ is acting well in the Oil and Gas sector. I like the idea of it taking GUSH 0.00%↑ with it, my current holding.
A looser structure in the same sector, GLNG 0.00%↑ is a strong chart.
SRPT 0.00%↑ sitting within a giant gap. Good R/R entries in this consolidation
AMR 0.00%↑ breaking out and retesting. Strong group as well.
RBLX 0.00%↑ trading above its important moving averages and its June/July lows. If the market turns a new leaf, I see this being a potential leader.
UDMY 0.00%↑ has a strong weekly setup. Higher lowers and recent cresting over the 50sma.
HD 0.00%↑ and other homebuilders held their June lows. Its not my favorite group lately, but one to watch, as it can really run.
That’s all for this week. I appreciate the continued support on these newsletters, and I will be diligent to keep them up. If anyone would like to subscribe, click the button below.
-Tanner