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Show Notes

Summary of the day

A pullback to the 50 day ma for $SPX would be normal and still maintain bullish momentum. Keep watching yields. Under 4.5% is good. Over 4.5% is bad.

Trade setup

I wanted to share a freebie trade setup. This is a preview of the type of technical setups I wll share from my observations of hundreds of charts and companies per day.

$ARKK. Most will know this stock as ARK Investment Management LLC, managed by Cathie Woods. She is usually a regular on CNBC talking her book. The entire holdings of $ARKK are here.

Top 10 below:

Perfect setup whether you are bullish or bearish. Defined risk, defined stops. Offers initiative trade expectations. If you got in on Dec 13, 2023, it offered a nice pop for a trade. You could have easily sold for profit before the New Yrs eve party.

ARKK today:

It is currently offering a similar balance area to watch and trade. If you are bullish in the market and thus bullish on $ARKK, as it has performed very well in line with QQQ, you can go long or buy options as it breaks up initiatively out of this range.

If you are bearish the market or ARKK you can sell short or buy options as it breaks initiatively down out of this new range.

Each trade offers an attractive risk reward and areas to put in stops.

Even better, ARKK is also in a state of back testing a breakout from a huge basing pattern. It will either back test and go up, or backtest and fail. The least likely scenario is that it will chop for a long time.

Another example of this setup can be seen if you travel with me in my time machine. $SNPS Synopsys is a company not many people have heard of.

Synopsys is an American electronic design automation company based in Mountain View, California that focuses on silicon design and verification, silicon intellectual property and software security and quality.

If you bought the multi-year range breakout on Dec 2, 2013 at $37, you would be up 1,200% today. Sure, not as great as $NVDA at 13,000%, but it was an still is a non stop elevator ride.

Initiative trades coming out of a balance areas in either direction, are what you should be hunting.

Hope you enjoyed this preview of one type out of many setups that my Premium service will focus on, in addition to continued education!

Breadth

* 148 new highs

* 130 new lows

* 47% advancing 47% declining

* 22% below 50 day ma

* 34% below the 200 day ma

Stuck out

10 Yr is 4.03%.

Russell was weakest but indices didn’t move much.

Strong

KRUS up 17% on earnings. Might be over extended.

Weak

What to watch

Watch mag 7

Watch yields

Economic data

https://www.marketwatch.com/economy-politics/calendar

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Podcast EP 112 Take some INITIATIVE in 24! (Jan 5, 2024) 21:41 Share

Not Your Advisor

Shownotes Transcript

Podcast EP 112 Take some INITIATIVE in 24! (Jan 5, 2024)