Market Review + Position Analysis (09/09-13/09 2024)
Last week's review 👉🏻Market review + position analysis (03/09-06/09 2024)
Market behavior this week:
$NASDAQ 100 Index (.NDX.US)$ $S&P 500 Index (.SPX.US)$ Sucking in money on Wednesday;
$Russell 2000 Index (.RUT.US)$ Accumulate funds on Mondays, Wednesdays, and Fridays.
rut> spx> ndx
Ndx and SPX have both reached key resistance levels, which are very obvious resistance levels. There is a high probability that market participants will engage in short selling operations at this position before and after the FOMC meeting, and corresponding short covering operations will also occur. I will wait patiently for the result of the capital competition. This week, Rut has had three days of fund accumulation, which left a deep impression on me. The names appearing in my strong stock search engine are gradually increasing, and they will guide me on what to do.
Weekly charts:
All three indexes have significantly increased trading volume and closed above the 10-week moving average. This is the price reaction on the weekly chart that William O'Neil likes very much.
Personal breadth records and weekly notes:
Breadth turned green on Thursday this week, and turned green again to 3000 level on Friday.
Weekly notes have become one of the core tasks in trading, and can be referred back to at any time to connect the market/stock activities clearly.
Market sentiment:
On Wednesday, the AAII bearish ratio rose significantly, while the bullish ratio fell sharply, which contributed to the 5 consecutive gains in the market this week.
The fear index has returned to a neutral level.
Current positions:
EVH, AFRM, DOCS, ONON, BVS, NEON, CORZ in yesterday's "Weekly Trading Summary";
$MARA Holdings (MARA.US)$ One of the holding positions, currently reaching the resistance level. Will look to see if there is an opportunity to escape within this year. Use the funds on the strongest names.
$Ensign (ENSG.US)$ No major issues in itself, but upon closer inspection, the average daily turnover ratio (ADR) is less than 1%, and this week's RS has been slightly downgraded. It is destined to be a difficult name to become fast. It is one of the names to consider clearing in advance.
$GE Vernova (GEV.US)$ A good performance for three consecutive days, especially the impressive price feedback after negative news was announced on Thursday. Raised stop loss, maintaining disciplined riding.
$SharkNinja (SN.US)$ Still running well at the moment, raise stop loss to break-even and maintain disciplined riding.
$ResMed (RMD.US)$ Another slow name, with an average daily turnover ratio (ADR) of less than 1% and a slight downgrade in RS this week. It is another name to consider clearing in advance.
$Embraer (ERJ.US)$ Demonstrated some strength in the last three days of the week, slightly raised the stop loss, maintaining disciplined riding.
$ProShares UltraPro QQQ ETF (TQQQ.US)$ $Direxion Daily Semiconductor Bull 3x Shares ETF (SOXL.US)$ Continue to hold positions in SPX without breaking the recent low on August 13th.
$Super Micro Computer (SMCI.US)$ The serious hold positions serve as a reminder of the importance of my stop-loss rules. It has now become my mini hold positions, and based on history, the recovery period for former leaders is not short.
Current cash ratio: 8.28%
In recent weeks, I have adjusted my stock search criteria, narrowing the target range to the top 1%-2% of names in the current market RS rank (one month, two months, three months), and focusing on names with high ADR (turnover ratio) and high ATR (true range volatility). Since I am taking the same risk with my money, why not put these amounts on names with high volatility, setting a lower limit and letting the upper limit run, thus leveraging the flexibility and speed advantages of a small account 🙂
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