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Last week I mentioned that Crowdstrike was the catalyst for what should be a much needed reset. Last week we got at least some of the reset that was needed.
The markets …
And now you can see what I meant over the past few weeks by market conditions looking ‘sub-optimal’.
Just to remind ourselves … over the past few weeks we’ve seen largely overbought conditions accompanied by sub-optimal setups, plenty of whipsaws, false breakouts, and a general lack of tidiness.
Then you get an unforeseeable catalyst that shakes everything up.
The outcome is always favourable as setups can now reform from solid bases – both bullish and bearish.
And we’re all about solid bases – typically near Key Levels.
All that said I’ve been super impressed by how many profit feedbacks have been sent in – again both bullish (example JNJ) and bearish (example QQQ).
So, there are many lions among us!
See below for Market Outlook.
How to Watch This Video:
The best way to watch this video so you can flip through the charts at the same time:
- Log into the members area: https://members.wisetraders.com
- Click on Platform (top right)
- Click on TV within the Platform (top right)
- Choose “On Demand”
- Play
Market Outlook:
Watch the video for more detail.
The SPY and QQQ are likely to stabilize at least temporarily, though I also expect that general market rotation is not yet complete.
Earnings will continue to a mixed bag, and I’m not keen on taking pre-earnings trades this time around.
If you do want to have a go at a pre-earnings setup, do it on a conditional breakout basis – preferably while watching live.
While quality has been in short supply over the past few weeks, we now see why, and this reset will ultimately product more of the excellent setups that we prefer.
Our market timing is a real strength that few others possess. Being good at market timing enables you to swim WITH the tide.
The Main Indices:
They’re a mixed bag right now. IWM is thriving. DIA is bouncing. SPY and QQQ are licking their wounds!
I would be amazed if the IWM can keep this up for long.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Bearish. - Index OVIs:
A complete mixed bag correlating with the individual index’s price action.
Fast Filters Stock Selection:
On Thursday I gave a webinar where I revealed all my time-saving hacks that the new Platform enables us to enjoy, so please watch the recording if you weren’t there.
Today I focused on loose parameter Big Money Footprint Fast Filters, which I then edited to trim down into more constrained lists, finding several rather decent low risk setups.
Remember, quality beats quantity. Even with our amazing new technology, a chart still needs to have the right qualities in order for you to consider trading it.
Pick your playbook and stick to the best quality setups that conform to it.
My playbook is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move. The other two Big Money Footprints are desirable but those four are essential to ME!
Go into the ‘Expert Watchlists’ area of the platform to view my Watchlists for (a) all the stocks I cover in today’s video, and (b) a smaller list that warrant a closer look.
** The list of stocks is in the Expert Watchlists area (just click on my image to see them), so you’ll have to log in to see it. Market Timing will also go inside a login soon. Remember to reference the video commentary so you know what my sentiment is on each stock listed. **
Software Upgrades:
Soon we’ll deploy the updated ‘How To’ video guides, and we’ve already deployed a handy ‘How To’ clickthrough guide to help you navigate the platform.
Next up is the journaling from the charts which will pave the way for:
- A link to a broker platform from the enhanced Journal app directly from the charts to make life much easier for you.
Imagine knowing if an options trade is in line with or violates your stated risk parameters!
We’ve already built the calculator engine, it just needs to be deployed. - More indicators to choose from inside our OVI charts …
Not so much for me personally, but I know many members do like to play!
Also, the full mobile phone (portrait) optimization is in the plan for the summer, and more dynamic notifications from inside the application will follow that. Lots to do!
Many more game-changing upgrades will be made in time for the London Stocks Summit on December 7th.
Events:
Our Stocks Summit in London on 7th December will be the most practical ever, with half of the event dedicated to practical exercises and with the most bonuses ever.
Like we just did in Orlando, each session will have a practical exercise for you to complete, so you can build your confidence in finding the exact type of setup you want to focus on. Easily by the event, all your TradeFinder activities will be directly from the charts, saving you huge amounts of time.
Watch today’s market review inside the members area here! To the left is the Watchlist area. To the right is the TV area.
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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.