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Broad Market Outlook
Maybe the market wasnt as bullish on the first day of the year as it typically is, yet since then the market has shown us that 2023 might be playing a different tune then the one we grew acustom to in 2022.
The SPY broke out of its mini base and has done a great job inching higher towards the 410 key resistance area dragging all the major sectors upward on the ride.
Telecom for example, one of the worst performing sectors last year has traded higher 14 days in a row. In the short term this easy ride most likely should see continuation towards that 410 area but this is not the time to get lazy with your ideas.
The group has done a phenomenal job lately taking the singles and doubles the market has been giving us. This is not the time to start aiming for the fenses when we are putting points up on the scoreboard keeping it simple.
Talking with most people outside Trading Experts, the overall narrative or outlook is the market is in a recession or heading towards one, yet they don't know what a recession is. The market is at lows and stock are crashing, yet they have no idea where the SPY is trading at.
It seems as if most are looking at the weatherman on TV who is wearing a raincoat and holding an umbrella, saying to prepare for showers, yet if they just looked out the window, they'd see the sun is shinning without a cloud in the sky.
As most continue to prepare for the dooms day, we can continue to take advantage of the good weather.
From Bennett
SPY
Dow Jones
Nasdaq
Mid Caps
Small Caps
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Latest Chart Talk
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Trading Experts Banned Hoodie
We are in the process of making a limited run of this came hoodies, if you would like to get on the pre order list let me know what size you would like!
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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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Tax Experts
We have reviewed quite a few tax returns so far and have yet to find one where we could not have added value.
We recently found a member who paid a tax penalty because his tax guy put he contributed $12,000 into his Roth when he only contributed the max. He paid a penalty for this persons mistake without being aware and his tax guy made up the most ridiculous excuse, it was just embarrassing.
What is the worst case of getting a 2nd opinion from someone who has successfully filed over 4,000 tax returns?
Let's have a second look at your tax return, if we can't find a way to save you taxes on this or next years return, we will give you a months membership free.
Worst case you get a free months membership!
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
ADBE
ADBE has been flagging out nicely, even though the gap fill is only a mere $10 higher, still a tight set up that we have seen work to the upside in plenty of other names. The real out is vs $320, yet will be keeping the risk tighter vs the recent lows around $333.
AMLX
AMLX triggered on Friday and was a bit indecisive but close decently, for now just leaving the stop vs 36 to see what happens with the name tommororw.
CORT
Was surpised to say the least in this CORT move, with the target being in the $23 area, it made sense to take some profits at $22.60 and have the rest with a LOD stop.
CTVA
The mini base break in CTVA has been wokring nicely with a stop vs the last three days low, aiming for a move towards $66 in the short term.
MNRA
Got filled on this MNRA late in the day on Friday as that $190 area had been a battle ground for the stock, for now keeping the stop vs $180 with a target of the $210-$220 area in the short term.
QSR
Shake and myself have been buying this $66 in QSR, for now it closed great on Friday with a tight stop vs the mini pivot low at $65. For now my short term target is this $68.50 area for now.
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