Broad Market Outlook
2022 was a tough year as we experienced a year long methodical bear market that felt like it would never end as wet paint seems like it will never dry when first applied. Then as the stages start to shift and transform, that bear market breakdown shifted into a massive base as the talks of recessions were the talks of the street for nearly a year as well.
Now that we have moved through those two more painfully slow times, we are starting to get a taste of the much more fun and exciting breakout markets, where good news often begets more good news.
As the breakout market has took a pause this past few weeks as a new flag looks to be forming and consolidating for its next move higher in time as the market sets itself up to retest its all time highs by year end, we got even crazier news.
That crazy new was to find out Shake popped the question to his twin flame, Adele! As exciting of times that are ahead and in store for this family of traders, its equally exciting to see those two love birds starting out in a new stage of there relationship. Time will tell if any of my Trading Experts retreat planning will come to use for this bachelor party. Shake, buddy, you know I'm here to help anyway I can. I know you would love for the party to be in Vermont (kidding).
We have a shortern day tommorow with the market closing at 1pm and the market closed on 4th. We will still do our normal pre market call tommorow morning but do not expect much fireworks out of the market on the half day as virtually everyone will be away from there screens and enjoying there freedom with loved ones.
July Book of the Month
To recieve one of our favorite and most educational books each month reply "book club" to learn more!
Sensitive - sectors that have moderate correlations to overall market conditions.
New Trading Experts Comma Day Shirts
The shirts are being printed as we speak! We will be shipping out the new comma day shirts very soon to kick off the start of summer!
Cyclical - sectors that are more sensitive overall market conditions.
Defensive - sectors that tend to outperforming during sub par market conditions.
Big Picture Set Up's
DOX has entered into Blue Sky territory as it cleared the 97 area, for now keeping a breakeven stop to see if next week it will clear 100 or fade back under the breakout level.
INTU continues to flag in an extremely tight range here at this 460 base break area that has been setting up for over a year now. Keeping the stop for now vs 450.
MDB did a decent job of inching higher then the HOD from Wednesday, for now keeping a stop close to breakeven as it works it way towards clearing 420 to the upside.
MNST is showing us a text book support buy back entry on $2 risk to sneak in for the bigger $60 blue sky break out down the road.
MRK had a nice end of week close as it pushed through last weeks high, still have a small piece left with the goal to hold at least to $120 or higher.
SBUX triggered on Friday with little fan fair, for now just keeping the stop vs 97 and giving it some time to show us if this support area will hold or not.
SHOP continues to show us that it is still setting up as it was not able to break out on Friday, but it is not the end of the world. It could go next week or it might need to shake the tree before really breaking that 65 with some momo. Keeing the stop vs 63 for now.
We have been keeping a close eye on this V and we caught a nice two day move out of it as it finally broke out of the base it has been in for over a year now. Given the nearly vertical move, keeping the stop tight, but if you can give this name some room and time we should see higher prices down the road.
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