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Broad Market Outlook
Last week the sun was out and shining related to the overall market as mostly every major market and sector were on solid uptrends. Yet we were skeptical as just when the market has looked perfect this year, the clouds were often right around the corner. And that they were this week as some of the major markets such as the S&P 500 ran into resistance at 410, the Dow had trouble at 35,000 and the Mid and Small Cap all were held down by there prior pivot high areas.
Sector wise, we continued to be reminded as to why we sell into the retest.
Enegry was a great example as we called it almost perfectly as we expected it to push through the prior high slightly, just enough to trap buyers in and then roll over. At $130 everything looked perfect and most wouldn't have wanted to sell the retest, yet after this weeks action most now would have wished they rung the register when the skys were blue and sunny.
Consumer Staples did the same as well, running into the retest area, finding resistance and has since started to break its extremely steep uptrend.
Industrials also traded the same as the Consumer Staples, running right into the perfect retest, creating resistance and rolling over as the hard trade begins.
We saw similar action in mostly every major sector execept for Consumer Discretionary stocks that continue to base out between $250 and $220.
The easy trade that lasted just over a month has offically ended and the pain trade is just started to heat up. This is where you want to coast into the finish line for the trading year of 2022. This was an extremely hard year overall, yet as traders we learn from more from the hard years then we do during the dart board easy markets.
These next few weeks are a great time to recap your year be it financially, trading, personally or whatever you find important in life. This is also a great time to start setting your goals for next year, updating your finanical plan for the next year and looking over your best and worst trades.
We are one week into the pain trade and they often last at least 2-4 weeks, keep it light, keep it simple and end the year on a good note! If you would like to update and review your new plan for the new year let me know and I will send you the updated Finanical Planning document to get that started!
From Bennett
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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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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
TMCI
Even with the market rolling over, this recent IPO continues to flag nicely under its $25 level on $2 risk.
WFRD
In the short term it seems as if WFRD will shake out this $40 area to the downside, yet all we care about is if/when it wants to trade above $45 and that is when we will want to be involved.
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