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Broad Market Outlook
We had somewhat of a nothing week last week from a trading standpoint as the S&P 500 trading in a 2% range between 390 and 400 in the SPY. That seems to be setting up what could be a mickey mouse flag for a move eventually back up through 400.
As it takes time for major stages in the markets to change, we are starting to really see more bases starting to take shape that should give this market legs to climb higher with time.
We can see and are quite away of the bear market breakdown this year in the market and when we are near the upper end of the range it is easy to point higher and expect that trend to continue. But in reality bases and true lows often are much harder to pin down then we expect.
Could we still see new lows, absolutely, but broadly looking at most of the major markets and major sectors forming similar bases it seems we might be near the end of the max pain to the downside.
Stock wise we are starting to see breakout working again but do not get stuck in old ways. Shorting the SPY worked for almost the entire year but eventully if you bet on red at the roulette wheel, eventually the last spin will land on that green zero that no one every expects it to land on.
Don't get sucked into shorting every rally to the upside because it worked in the past to the downside. Take the gift the market gave you and turn those profits into new ideas, one trick ponys have a very short shelf life.
From Bennett
PS we made a watchlist channel on discord that has our most popular watchlists and if there are any watchlist you feel are important for other members to have, please share them on that channel!
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Macro Rotation Outlook
SPY
Dow Jones
Nasdaq
Mid Caps
Small Caps
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Sector Rotation
Sensitive - sectors that have moderate correlations to overall market conditions.
Tech
Energy
Industrial
Telecom
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Cyclical - sectors that are more sensitive overall market conditions.
Materials
Consumer Discretionary
Financials
REIT
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Tax Experts
We have reviewed quite a few tax returns so far and have yet to find one where we could not have added value.
We recently found a member who paid a tax penalty because his tax guy put he contributed $12,000 into his Roth when he only contributed the max. He paid a penalty for this persons mistake without being aware and his tax guy made up the most ridiculous excuse, it was just embarrassing.
What is the worst case of getting a 2nd opinion from someone who has successfully filed over 4,000 tax returns?
Let's have a second look at your tax return, if we can't find a way to save you taxes on this or next years return, we will give you a months membership free.
Worst case you get a free months membership!
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Defensive - sectors that tend to outperforming during sub par market conditions.
Consumer Staples
Healthcare
Bio Tech
Utilities
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Big Picture Set Up
DCP
DCP has been flagging out for the last month in a 2 range near this current 52 week high, this is not a blue sky area but just a 52 week high, if you zoom out you will see it has a ways to go to get back near its all time highs but still a tight risk flag after 4 major attemps over the last year.
MGPI
Shouts out to Kusha for calling out this MGPI up through 116 so far just keeping a stop in at $114, if we get some continuation to the upside this week, I plan to move the stop to breakeven.
MNST
I am not sure I can find a chart that looks more A+ then this MNST, with more then 7 attempts at this $100 level over the last 2 years and earnings out of the way on 4% risk, there is not much more that one could ask for in a Blue Sky Breakout.
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