Market Review+Position Analysis (20/05-24/05 2024)
Last week in review 👉🏻Market Review+Core Position Analysis (13/05-17/05 2024)
“Long-term success in the stock market is not about hope or luck. Successful stock traders have rules and well-thought-out plans. In contrast, losers lack rules, or even if they do, they don't stick to them for long; they are people who deviate from the rules.” -Mark Minervini
A quick review of this week's markets:
$NASDAQ 100 Index (.NDX.US)$ Funding is attracted on Tuesday, divided by three points on Monday, and distributed on Thursday;
$S&P 500 Index (.SPX.US)$ Funding is attracted on Tuesday and distributed on Wednesday and Thursday;
$Dow Jones Industrial Average (.DJI.US)$ Divided on Tuesday, distributed on Thursday.
NDX>DJI>SPX.
I personally like the behavior of the Thursday market. After the NVDA earnings report, the market was full of joy before the opening on Thursday. A few times everything opened higher. After opening, the market showed its attitude, making people realize who made the final decision here 👏;
It returned to normal on Friday, and the market continued the upward trend that had just resumed before. Many stocks were set up, personal purchase plans were not yet completed, and there was still a lot of cash to use, so I wouldn't rush to clean up stocks that I currently hold and have not reached a stop loss; I need to let the market help me gradually screen out the weeds in my garden over a certain period of time.
NDX and SPX weekly charts:
Overall, they all reflect normal behavior. Currently, these are ideal market conditions for traders. Taking advantage of the differences in the current market, do what you should do well. Trust me, you will never want to see a high degree of consistency in all aspects.
In terms of market sentiment:
AAII's watching cows and watching bears both reached their highest values in nearly three weeks this Wednesday. I want to see the emotional differences gradually getting bigger;
The Fear & Greed Index has also begun a good cooling down, which is beneficial and healthy for the development of long-term trends.
Current share of positions and profit and loss:
$Royal Caribbean (RCL.US)$ (RS 94) Since the breakthrough, everything is currently behaving normally.
$Altair Engineering (ALTR.US)$ (RS 85) The low trading volume has just broken through the climax flag, and we need to keep watching.
$Netflix (NFLX.US)$ (RS 91) Since the fraud platform broke through, everything has now behaved normally. I hope to see the subsequent 30MA pass upward through the 50MA.
$NVIDIA (NVDA.US)$ (RS 98) The financial report is as expected, and the market reaction is as expected. Currently, 50MA has clearly surpassed my stop-loss line, and the 30MA is about to cross the 50MA. These are all good reactions. A 1:10 share split will occur on June 10. Let's see how the market reacts, and maybe there will be another shock.
$Signet Jewelers (SIG.US)$ (RS 86) At present, it has just broken through a structure that has contracted many times. The RSI remained above 50 in the last refinement interval, so we need to continue to observe
$TransMedics (TMDX.US)$ (RS 98) The name with the best performance during the market adjustment period. For such a strong name, I don't care too much about RSI that has been overbought for a long time. I hope RSI can stay above 70 for a while and keep watching.
$Spotify Technology (SPOT.US)$ (RS 96) is currently behaving normally, 50MA just exceeded my original stop loss.
$Western Digital (WDC.US)$ (RS 96) The trading volume on Friday was the lowest recently, and there is likely to be a big fluctuation in the next three days. Let's see how the market chooses.
$Crocs (CROX.US)$ (RS 93) Trading volume dried up in two days, breaking through the daily trading volume increase. Currently, price performance is not obvious, but it is difficult for traders to refuse such trading opportunities.
$GE Vernova LLC (GEV.US)$ (RS 92) Since we missed the two major pioneers VST and CEG in terms of electricity and energy, I found the name GEV IPO in this field. I personally found the best breakthrough deal this week to see how this IPO name will perform in the future.
$ProShares UltraShort Bloomberg Natural Gas (KOLD.US)$ Natural gas is an old acquaintance of mine. This is the third related (KOLD——BOIL——KOLD) transaction in almost half a year. Currently, KOLD has operated in a very safe position in just two days, and continues to observe changes in trustworthy futures trading volume as before.
$Sweetgreen (SG.US)$ (RS 99) Another ordinary attempt to chase the leader. Only a super strong trend can survive in a similar trade; the opposite proved that it may not be as strong as I had imagined.
Current share of cash: 31.6%
Continue to stick to a trading process that has proven to work, and always believe in yourself. I don't need to pay too much attention to the results, because I have no choice but to always trust myself... Perseverance and confidence are always bad 🚴🏻
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