Last week I leaned towards the market having one more “hoorah” in this current upside cycle.
It was a tough call as certain indications were suggesting the markets were overbought, while my trusted indicators were not.
So, obviously I’m rather chuffed to have made a difficult call correctly, and the S&P has indeed broken its recent highs!
Watch today’s video at the foot of this email for a full review.
Market Outlook
We got more volatility – that’s what I anticipated last week – and it was to the upside. There’s more juice but we are certainly closer to much more meaningful retracement in due course.
Watch the video for more detail.
The Main Indices
The S&P didn’t capitulate and 4500 looks like a reasonable short-term target.
The QQQ looks like it will break recent highs too.
The IWM did hit friction around its 200-dma and duly bounced off it. It should break its June highs.
The DIA ran into friction around its 50-dma as suggested and duly bounced off that. It too should break its June highs.
Market Timers
- Longer Term Market Timer (OVIsi): Now full green, but like last week only just by a whisker. As suggested last time, this could always slide back into half-green.
- Medium Term Swing Timer: Bullish and not overbought.
- SPY OVI: Not convincing, but at least back into positive territory for now. Similar for the QQQ’s. The DIA OVI is ok positive, while the IWM’s is also far from convincing.
Fast Filters Stock Selection
This week I’ve focused more towards the bullish side of things using various Big Money Filter combinations.
Here is a smaller list of stocks that look interesting for our consideration, though like last week, this week there are quite a few to look at. Remember to reference the video so you know what my sentiment is on each one:
ABT AMD BABA BAX BBWI BURL CAMT CHWY COP CTLT DG DGX DOCU DTM DUOL DVN EBAY FCX GEHC GH GOOG HD HSY IRBT JNJ LTHM MRK MTDR NKLA OSTK OVV RJF SLB TRIP VLO VOYA WOLF
Events
Again, next April’s Options Bootcamp will be in ORLANDO! A great resort with golf on site, family facilities, a spa, our own space and big changes to the event with much more emphasis on practicals.
Our technology is improving so rapidly we’re moving to a much more practical-based structure moving forward, which will make things more fun and more productive for you. The idea is for you to “learn, practice and apply” all at the same time.
Our Stocks Summit in London on 2nd December will also be accompanied by huge new releases. We’ll also do a Foundation Day online the Saturday before the big event so we can focus on more practicals during the event.
Video analysis
Remember, you can play the video at 1.25x or 1.5x speed if you want to save time! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.
