Broad Market Outlook
After what felt like one of the easiest corrections to date considering the fact that it was barely mentioned anywhere in the media. The overall downtrend that most novice investors were banking on retesting the March lows are starting to show signs that will not be happening at this point in time.
The downtrend has started to shift into consolidation inside the range that started the initial market breakdown in the beginning of the year (SPY 340 to 320). In the beginning of the year that was such a huge range, now its such a tiny one.
As the market continues its shift to a consolation or range bound market, we have to also shift our mindset more towards support buy backs. When the market is pulling into 320, we want to be ready to start buying on the turn and then selling into 340.
When it comes to the broad markets, resistance levels can hold for months and even years. Given the impatience of most investors these day, 340 in the SPY more then likely wont take years to break but it could easily take months, and quite frankly the longer it does consolidate up here the better it is for us in the long run.
If 340 does continue to act as major resistance we have to be aware then the 320 is mickey mouse support and will eventually need to shake that level before being ready to push higher.
Right now most new investor we come across are banking on the retest of lows, which means as long as we keep focusing on buying the best we will have an amazing end of year!
$3 million down, $2 million to go towards our $5 million goal this year!
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Macro Rotation Outlook
MDY Mid Caps
IWM Small Caps
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Sensitive - sectors that have moderate correlations to overall market conditions.
Major Markets & Sectors
S&P 500, Nasdaq, Dow 30 names + more!
Cyclical - sectors that are more sensitive overall market conditions.
VCR Consumer Discretionary
Defensive- sectors that tend to outperforming during sub par market conditions.
VDC Consumer Staples
IBB Bio Tech
Big Picture Set Up's
CL has shown us that it can break $78 so its not a hard level in a sense but a great sneaky buy back in a lower beta stock.
CSX has been battling with $80 for some time now, with this next attempt being the 5th major attempt it might just be ready to start its next leg toward $100.
We all know the $34 monthly level in this crazy bio tech.
QRVO has been forming a nice earnings flag at highs, we don't want to miss this $136 breakout!
SBAC has been flagging at this $320 level for quite some time now!
We did a great job getting into LEN this week as it finally broke $80, for now will be keeping the stop break even and letting LEN work higher, no reason why this can't run toward $100 in time.
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