The Weekly Selection: 1/1/23

Volume 019

Introduction:

Hello Everyone,

Welcome back to the weekly selection and happy new year! I’d like to open this weeks volume by plugging some content Ive written over the last few weeks. Amid the lackluster holiday market conditions, I took the opportunity to write 2 articles, both of which I recommend checking out. They are on the importance of the IRA and some key red flags to look out for when selecting dividend stocks.

*Notice* The stock market will be closed Monday, January 2nd in observation of the new year.

Like I mentioned, the last couple weeks in the market have been poor. A combination of flat index movement and year end rebalancing has seen to that. Below is the chart for SPY 0.00%↑, arguably the most important index.

As it can be observed, the flat price action is evident, but not for long. This inside week setup (one weeks candle is contained within the week before) should break to the upside or downside soon. When this happens, I will be expecting a retest of the diagonal trend lines shown in the image above.

Quote of the week:

“The best way to predict the future is to create it.”

- Abraham Lincoln

In this new year I look to this quote to help pave the continued path of this newsletter and other affiliated pieces of content. 2022 was a wild ride of a year, and I’m looking forward to the opportunities and successes 2023 has in store.

Past Performance:

Seeing as I did not have a newsletter last week, Ill spare the performance report for this week. Expect the usual excel dashboard screenshot next week.

Charts:

Lets have a look at our first round of charts for 2023. Some decent names in here, but ultimately still struggling to find good stocks to trade.

ARHS 0.00%↑ is up first. Some tight action amidst strong earnings and seemingly little affect from the looming economic despair.

ACLX 0.00%↑ with a nice tradeable wedge setup. Cheaper stock too so its possible to get a nice equity move.

ADBE 0.00%↑ has been one of my favorites as of late. Flat action below a gap above.

SLB 0.00%↑ with a decent R/R setup here. Cuts below the green box, adds at or near.

META 0.00%↑ never thought id say this, but META 0.00%↑ is looking quite reasonable at these levels. Its fundamentals are still robust, despite the spending on reality labs, which makes this a decent opportunity.

That’s all for this week everyone. I hope you enjoyed the first Selection of 2023.

Be sure to subscribe and share with your friends!

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