The Weekly Selection: 11/05/2023
Volume 062
Introduction
Hello Investors,
Welcome back to another iteration of The Weekly Selection. In this write-up, I go through my thoughts on the state of the market, some helpful tips and quotes, as well as some stock or investment ideas I am watching going into the next week.
As I’m sure you noticed, I didn’t post last week. I didn’t see anything actionable, and I wasn’t too bought into the idea that a rally was afoot. How wrong I was, as last week was the single best market week we have had since march of 2022 for SPY 0.00%↑ performance.
Tip of the Week
This transitions perfectly into this weeks tip, that going forward I will take more seriously: Never let your guard down, and never underestimate the power of the market when you least expect it. My scans had nothing on them, the news was dead in the water for bulls, and the charts were all pointed down from a tough couple weeks leading up into last. Regardless of all these so called indicators, we ripped, HARD.
On about Tuesday I realized that there was some power. We had opened down slightly, then proceeded to run all day and close strong over the opening range and Mondays high. This should have been a surefire indicator to get involved.
Indexes
SPY 0.00%↑: After a pretty wild week, I’m looking to see this settle into this week, as its just touching a local supply zone indicated by the smaller green box
QQQ 0.00%↑ is in a similar spot to SPY 0.00%↑, however its resistance is more of a downtrend than a supply zone. I also think this needs more time to break out.
IWM 0.00%↑ from the bottom on an absolute tear, in no mans land here.
Past Performance
Since I did not have a weekly selection last week, there is no performance to report.
Charts
META 0.00%↑ up first. Reminds me of NVDA 0.00%↑ earlier this year, long sideways base while the rest of the market makes a more classic bull flag. One to watch for a big breakout above local highs.
TDW 0.00%↑ Tidewater is a stock that I have watched before, and is setting up nicely into earnings. Traditionally a good grower.
Triple outside day for MDB 0.00%↑ followed by an inside day. Very powerful potential into earnings.
Cup and handle for $APP, price targets noted.
Closing notes
Lots of potential this week, and definitely a change in tune in the markets.
Looking forward to what this week has to offer, good luck to everyone trading.
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