Market Review+Position Analysis (28/05-31/05 2024)
Last week in review 👉🏻Market Review+Position Analysis (20/05-24/05 2024)
“History clearly shows that almost every superstock was in a clear upward trend before rising sharply. In fact, 99% of stocks traded above the 200-day moving average before a sharp rise, and 96% traded above the 50-day moving average.” -Mark Minervini
A quick review of this week's markets:
$NASDAQ 100 Index (.NDX.US)$ Fundraising on Tuesday, distribution on Thursday, disagreement on Friday;
$S&P 500 Index (.SPX.US)$ Divided on Tuesday, distributed on Wednesday and Thursday, and attracted on Friday;
$Dow Jones Industrial Average (.DJI.US)$ It is distributed on Tuesday, distributed on Thursday, and attracted on Friday.
NDX>SPX>DJI.
Another wonderful week, summed up in one sentence: capital has baptized participants in inertial thinking again and again (history is always repeated, and the mentality of market participants has always been the same);
This is why trading requires a system, rules, and circumvents all emotions as much as possible;
At the same time, the market also brought us a layer of high-quality filters, so you can gradually see who are the flowers and who are the weeds in the garden.
NDX and SPX weekly charts:
At the same time, the area around 10MA was backtested, and it bounced upward in a very short period of time. The power shown was very strong, and it won't be long before it broke through to a new high.
In terms of market sentiment:
AAII sees a sharp drop in bull sentiment (Wednesday data), which is a good sign.
The Fear & Greed Index has also cooled down quite well.
Profit and loss of positions and their share:
$Royal Caribbean (RCL.US)$ (RS 93) After breaking through, it became a small base for 7 days. A shock test was completed on Friday, and the 30MA and 50MA gradually caught up. I don't know when the cruise industry will start, but there is no doubt that RCL is currently in a leading position.
$NVIDIA (NVDA.US)$ (RS 98) There was a second strong upward gap this week, and I tested it on Friday. Although I have already made quite a profit, it has yet to show any “sell signals” other than a slight increase in price. There will probably be more tests in the next two weeks.
$Warrior Met Coal (HCC.US)$ (RS 94) Currently, apart from breaking through the cheating range and low trading volume, I can hardly pick out any problems with the settings it completed before. Maybe I will set it up again before breaking through the big teacup, or maybe not.
$Netflix (NFLX.US)$ (RS 91) One of the largest stocks currently performing at the top. Its role in holding positions is mainly to reduce volatility. It is also a good cash deposit. Currently, 30MA has not surpassed 50MA, so give it some time.
$Coupang (CPNG.US)$ (RS 90) I categorize it as a name with explosive potential. Accounts that achieve super performance are inseparable from the help of explosive stocks, and they will be patient until it goes out of the market.
$Vita Coco (COCO.US)$ (RS 69) is also a name with explosive potential. It is a very young beverage brand. The breakthrough in the tight zone after recovering from the bottom showed sufficient trading volume to keep an eye on it.
$Signet Jewelers (SIG.US)$ (RS 91) has been rising steadily since the breakthrough. It has now set a new 52-week high and almost closed at the highest price of the day; it also showed very beautiful settings on the weekly chart and even the monthly chart. If you are interested, check out Week K and Month K for yourself.
$TransMedics (TMDX.US)$ (RS 97) There was some profit rebound on Thursday and Friday, and the price was barely maintained. If it is unable to move upward away from this dense area in the short term, then it will run into trouble with reconsolidation.
$ProShares UltraShort Bloomberg Natural Gas (KOLD.US)$ There is no need for excessive analysis. The price and trading volume of natural gas futures have not given clear operating signals; just sit back and wait.
$Crocs (CROX.US)$ (RS 93) After the breakthrough, everything is currently behaving normally.
$Western Digital (WDC.US)$ (RS 95) This week's trading volume was not small. We kept the consolidated range on Friday and gave it another 1-2 weeks to see if it had a chance to break through.
$Tesla (TSLA.US)$ (RS 15) I hardly trade stocks within RS 60. TSLA is quite special. Almost all of his flashpoints are unconventional. Currently, there is a gap of about 60-70 dollars from the weekly chart's downward trend line (not shown), judging that it has a certain trading value. A good rebound can easily meet traders' profit to loss ratio requirements.
$Spotify Technology (SPOT.US)$ (RS 96) is still in a dense area, and the degree of recovery on Friday was not ideal. Fortunately, the 50MA test was successful, and we also gave it another 1-2 weeks to observe.
$Elanco Animal Health (ELAN.US)$ (RS 93) After breaking through the climax flag, the current movement is slow. Next, we will see if it will break out again or if it will continue to be sorted out. The market will give an answer within 1-2 weeks.
$GE Vernova LLC (GEV.US)$ (RS 93) Being at rest for the first three days of this week, withstood the 10MA test on Friday, and almost recovered all of the losses of the day. The picture is impressive.
Current share of cash: 12.79%
“Whether it's about winning wealth or winning in life, what excellent people think in competition is not what happens to me if I lose, but what I should do to become a winner.” - Rockefeller
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