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The market toyed with being overbought last week, and it did slow down on Wednesday, only to creep upwards further on Thursday and Friday.
Nevertheless, it pays to focus more toward stocks consolidating near their Key Levels so you can more easily manage your risk.
This week there are a number of really good setups, so please go through them – I’m not subtle about the ones I like!
Interestingly, there are also a number of pre-earnings setups that look very good, but do be aware that pre-earnings in this market does come with a health warning. The optimal way to trade pre-earnings setups in these market conditions is to play the breakout at earnings. If the stock gaps up past the breakout level, then you’ll miss out, but better safe than sorry.
Market Timing:
The Medium-Term Timer came back from the brink of being overbought. There’s been good progress on the Short-Term Market Timer to help with faster moves. This will ultimately result in a SPY trading indicator, which I am very much looking forward to.
Last week I said Long-Term Timer (OVIsi) was still yellow, but likely to turn back to half-green in the coming weeks. It turned back to half-green on Tuesday.
Earnings continues to produce big moves in both directions, so any pre-earnings trades to carry a greater weight of risk than normal.
As with last week I have included a couple of interesting pre-earnings stocks this week, but remember they do come with a health warning particularly in this market conditions. Last week FBHS worked out very well but was a gap-up.
Market Outlook:
Last week the market slowed its uptrend but continued to rise. I showed stocks with a bias to the upside and that will be the same this week.
Stock Selection:
As with last week, today I have examples of pre-earnings, post-earnings and earnings-agnostic.
Application:
Today I’m showing how I use my applications to cross-check which Fast Filters and watchlists a stock might belong to, in just one click.
That process is about to become even easier, but it’s already very useful indeed.
Software Upgrades
It’s interesting to see so many fintech products being marketed out there, any yet in terms of trading tools, very few of them actually do another useful at all.
The new Watchlist/Stock-Profile/Journal/Charts combination is now only a matter of days away from its v1.0 launch. More will follow very soon, but it’s already going to be a game-changer all by itself in the short term.
Make sure you qualify by enrolling on my WiseTraders Event for 4th December.
For my options traders, we have the Miami Bootcamp Masterclass tomorrow, where we’ll play with the new Analyzer.
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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.