Big Picture - Bank Runs to Bull Runs

Broad Market Outlook
What a surpiring day out of the market on Friday that most of us, myself included, did not see coming. With the market closing bullish engulfing after tittering with the 400 level for most of the week, it seems the market ended the week off by giving us a nice gift to enjoy for how difficult the market has been lately. 
As we know, 420 has been major resistance in the SPY since last summer, as we closed Friday within 3% of that area of resistance. Most traders greedy grins are starting to show, the times when everything starts to look great again. Just two weeks ago the finanical markets were on the verge of collapse due to an over hyped bank run, that now, people could careless about as the market rallies. 
Just as the market starts to look prefect again at major resistance will be the time we want to ring the register and book as much profits as we can. We have seen big percentage run ups all across the board and need to remember that in this range bound market when we are near resistance we need to book profits. Then when we are at support and Jim Cramer says we are heading lower, is the time to load up. 
Scanning the major markets this weekend, virtually most names went on Friday if there was an actionable entry. For myself I had a few buy stops in that triggered nicely such as CHKP, TSLA and SNPS. Ironically after months of stalking MNST, it was off my radar the day it went, luckily the other names more then made up for missing that trade. 
If you did not get into your trades on Friday, it will be much harder to try to chase Fridays rally into Monday. Be patient, focus on your top idea's if they are still setting up but do proceed with caution as the max fear we saw across the market recently due to the Sillicon Valley Bank blowup is starting to shift back towards max greed following the recent action. 

From Bennett





Macro Rotation Outlook

Dow Jones
Mid Caps 
Small Caps
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Sector Rotation
Sensitive -  sectors that have moderate correlations to overall market conditions. 

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Cyclical - sectors that are more sensitive overall market conditions.
Consumer Discretionary
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Defensive - sectors that tend to outperforming during sub par market conditions.
Consumer Staples
Bio Tech
Big Picture Set Up's
CHKP triggered late in the day Friday as it closed right at the breakout level we were watching, for now keeping the stop vs $126. 

As the consumer staple names have been quite strong recently, this KHC continues to base under this $39 area and for now the current pivot low is only a $1 lower giving us a tight risk entry on this potential base break set up. 
MXL continues to base under this $36 and one to keep on the radar for a base break as the semi names have been strong lately. 
We were keeping an eye on this SNPS 380 breakout area and with the trading action on Friday we caught a great day 1 move out of this name. There is the retest at the 391 area that the name will have to battle with, if it can clear it with some strenght we will continue to hold. If it stalls out we can look to take profits, for now keeping the stop vs the LOD and will continue to trail it as the days progress. 
We spotted this $200 base breakout in TSLA forming last week and were lucky enough to be blessed with an extremely bullish end of week trading day that sent TSLA leading the Nasdaq 100 trading more then 6% higher on the day. For now keeping the stop under the LOD to see if we can get a move into the $220 area to take profits. 
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1 comment

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    Dagobert Duck

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