I love our weekly reviews (and I hope you do too!) because it’s a process where I have to hold myself to account from what I spoke about the week before.
This also ensures I have to keep improving … It’s one thing doing your own trading, but there is added intensity when you can feel others watching intently!
When you see our applications improving, you are one of the main drivers of change, and I’m truly appreciative of that!
Last week I said Financials and Energy (Oil & Gas – especially Midstreams) looked ok … and they have been ok.
Leisure stocks haven’t yet responded to Merck’s big news, but I’m waiting patiently for signs of that to happen in due course. Note, we only “Trade What You See” so, while we can anticipate, we generally don’t pull the trigger until a proper setup happens and breaks out.
Market Timing:
The Medium Term Timer is no longer oversold, and the main indices are all looking weak and still in the middle of a Waterfall pattern that didn’t quite show its hand either last week. The Long-Term Timer (OVIsi) is still yellow. Earnings is the big driver now … starting on Monday!
Market Outlook:
You’ll see many stocks that plunged have popped back up (sometimes to their 50-day Key Level) and are looking distinctly wobbly.
There are still good setups in both bullish and bearish directions, and I’ll be showcasing both sides today.
To help with the downside stock selection I have added a new Fast Filter in the VIP TradeFinder for stocks pulling back to their Key Levels. I hope you like it!
Again, Trade What You See … and make sure you’re seeing at least a couple of our Big Money Footprints present in the chart.
Stock Selection:
Like last week I would ask you to focus more towards the tidiest setups near Key Levels, though I will review others as well today.
That waterfall looks tantalizing right now … a bad crop of earnings reports will send the market down. The tricky part is that financials are always the first to report, and those stocks are more likely to show more strength than most other sectors this time.
Application:
I’m finding the Dashboard and Market Timers irreplaceable now in terms of evaluating market sentiment, and which setups to focus on.
Focusing on setups near Key Levels takes just a couple of minutes with my pre-prepared Fast Filters.
Work will soon resume on the Short Term Market Timer, and I’m hoping we can make that do what I want it to do. We will not release anything that doesn’t properly perform its intended function. That means testing, it means ensuring robustness … which takes a bit of time.
Software Upgrades
The big upgrades of charts/watchlists/stock profile page / journal and TradeFinders above are progressing very well, and there will be a big release in time for the WiseTraders Summit, for event attendees.
The new OptionEasy Strategy Analyzer is up and running, and there are a couple of fixes I’ve given my team to make. The old Analyzer is still available if you want to use that in the meantime. There are also upgrades scheduled for the new Analyzer in the coming days.
I’ll host the Mastermind sessions for Miami Bootcamp attendees very soon – we’re almost ready!
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Remember, you can play the video at 1.25x or 1.5x speed to whizz through it faster if you like! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.
