Another good week, and while there is still more juice in this run we are getting closer to an overbought situation – not quite there yet. A few more ‘monorail’ initial sell-off bars in evidence with several overstretched stocks, while at the same time there are laggards beginning to look attractive to the upside.
As I mentioned last week, I’ve been bullish for a long time – and that has been our focus – though with hindsight I could have expressed a little less caution. Again, protecting your profits with our P2 technique and focusing only on optimal setups with Big Money Footprints near Key Levels never did anyone any harm!
Market Outlook:
The broader-based rally continues.
Same comment as last week: while some stocks are beginning to look overstretched with potential profit-taking bars, there are still a number of very attractive bullish setups forming near Key Levels.
Watch the video for more detail.
The Main Indices:
The S&P paused for air only on Friday, after a big consolidation breakout!
The QQQ recovered from its chop and steamed upwards until Friday.
The IWM had a tougher week, just going sideways rather inelegantly. When the market does reverse, this will be an easy short.
Market Timers:
- Longer Term Market Timer (OVIsi): Still half-green, but only by a whisker. If the indices don’t pull back, it will turn full green next week.
- Medium Term Swing Timer: Bullish, and very nearly overbought.
- SPY OVI: Doing ok. The QQQ’s OVI remains positive while the DIA’s picked up a bit.
Fast Filters Stock Selection:
As per the last few weeks, “I’m still covering more bullish stocks than bearish, and the main Big Money Footprints I’m looking for are the OVI, Key Levels, Shrinking Retracements and consolidations. Look back and see how many wonderful moves started from these setups. Also, note post-earnings”.
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:
ALB APTV BABA BAC COP CTLT ENPH FITB GH HP JD JEF JNJ KKR LYFT MOS MTDR MUR NTR ONON OSK PAYC PFE PLUG PNC PRU QCOM SLG SM TDOC TFC TPR TRIP VLO WING XLB XLE XLF XLRE ZBH
Software Upgrades:
A big upgrade was released on Thursday, and we’ll make tweaks and fixes over the coming days. The main area was the Watchlists, and you can already see how much easier that’s going to make things as it settles in.
Once these tweaks and fixes have been made, it’ll be onto the Journal app calculator and TV channel.
Also, soon we’ll deploy the Bearish Shrinking Retracements into the VIP TradeFinder filter areas, not just as watchlists.
By the London Stocks Summit in December we should also have our new charts, which will be among the biggest game-changers we’ve ever deployed.
Stay in touch to discover more as we unveil best-of-breed applications!
Events:
Big news pending on next April’s Options Bootcamp … It’s going to 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.
With our technology improving so rapidly, we’re brainstorming how all our events will be more practical-based moving forward. The idea is for you to “learn, practice and apply” all at the same time.
The 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.
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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.
