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.
We want to thank you for leaving us over 280 reviews on this book series so far! Last month the Alpha members helped us out with 30 reviews.
Our goal this month is to reach 320 reviews. If you would like to help out, as always we greatly appreicate your help!
Sensitive - sectors that have moderate correlations to overall market conditions.
New Trading Experts Comma Day Shirts
We have started to collect pre orders for the new Trading Experts Comma Day Shirts!
As always when you earn your first $1,000 let us know and we will send you your first Comma Day shirt for free!
To pre order any one of the three shirts is only $25 per shirt
Or if you pre order the 3 pack its only $50 for all 3 shirts plus we are including in 3 new Trading Experts surpise gifts with the 3 pack order!
DM or reply to this email your shirt size and we will get you on the list!
Cyclical - sectors that are more sensitive overall market conditions.
Every year we have to go through the pain and stress of tax returns. Fortunately, as a Trading Experts member you have the opportunity to make things a little easier on yourself.
Over the last 3 years we have worked with several members filing their tax returns as quick and easy as possible.
After reaching out to some of the members who filed with us this is what they had to say:
“It was a very organized system, I was able to upload all the documents and information in a very simple way following the instructions. The team guided me every step of the way and left no question unanswered. I saved an extra 30% last year filing with you!” – Niko I.
“Being a business owner, I expected to pay taxes since that’s what I always hear. But when I filed my taxes with Trading Experts, I was actually able to get a return! It made the process way easier than doing it myself. Don’t waste time trying to find someone cheap they end up making mistakes, with TE things get done properly and they save you a lot more on taxes." – Iban L.
“It was a lot of work on my end to get all the needed documents but once I finally got all that together I didn’t have to do anything after. First time I spent money filing, and it was pretty simple, I definitely recommend! – Tyler K.
Tax advice is similar to investing in that you can take the “free” route that usually ends up costing you a lot more than if you invested in the proper help from the start.
The average individual return for our clients cost $500 to file properly. Our goal is to save you 5-1 on your return. If you’re not happy with the tax return, it will be 100% free.
Maximize your savings and minimize your stress with expert tax preparation services from our team of certified accountants.
Our years of experience and commitment to staying up to date on the latest tax laws and regulations ensures that you get the most out of your returns.
Don’t leave money on the table or risk penalties, trust us to handle your tax needs accurately and efficiently. If you have any questions, please feel free to send me a message to discuss further.
Defensive - sectors that tend to outperforming during sub par market conditions.
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.
Terms and Conditions Trading Experts LLC (“Company”) is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or urgencies customers should buy or sell for themselves. The independent contractors and employees or affiliates of Company may hold positions in the stocks, or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company’s products (collectively, the “Information”) are provided for informational and educational purposes only and should not be construed as investment advice.