Broad Market Outlook
The flip flop and chop is back in full effect. As annoying as this seesaw type action can be from a trading standpoint. It has been great to see the continued trading maturity of the group grow and improve with each difficult trading period we endure as a collective.
When we first enter the market there is often this mad dash to get every penny in our trading accounts fully invested. Yet we often learn how costly that is. It has been great to see members having the patience to sit on their hands in these choppy waters. While there are still the trading experts out there being fast and quick with your trades. Taking the bird in the hand and locking in those comma days. As Zoard wakes up in the middle of the night to lock in $1,000 days before heading back to sleep or Jun Moon putting up $10k days while sipping on espresso outside the Duomo in Florence.
As we head into the week ahead following 3 bearish engulfing days in the row. One would hope for some type of bounce off support. Yet it seems like that a flush down through 420 should be expected. As the market heads for its first 10% correction in just about a year.
The current start of the correction could be SPY 414, which coincidentally was the resistance area of the April 2023 bull flag prior to the last bull run that sent the market to the 2023 highs of 460 highs that we saw at the end of summer.
If anything we could see a bounce off that area (SPY 414) back into the current trading range we have been in. It seems from now until year end we should expect, or at least I am expecting. That the market stays under 440 while staying above 400.
As much as I would like to see the market to snap back off the 10% correction area. Often times the market needs to push just a tad bit further in either direction before changing course.
Right now across the board, most set ups, simply just are not out there. As the market often has to look its worst before the turn happens. We just dont look that bad broadly just yet. But a few more down days and then we can go hunt for the bounce that will come eventaully as they always do.
With the market being very slow, my focus has been preparing the current Tax Experts clients for 2023. As we go over who can take advantage of the Roth loop hole we recently came across. I will be making my rounds reaching out to you over the next few weeks. To see if you would like to take some time to review your 2022 tax return to see how you can save more money next year on your return. Be it with your current tax professional or with our help.
With the down time we all have now, what could be the worst case sceniro from reviewing those hard to understand tax returns? If you are open minded to a tax review or want to get a call set up sooner then when I reach out, simply shoot me a message and we will get a meeting set up during the week.
So far our best tax savings we found last year saved a member and his brother $22,000 in taxes saved each. As much as most try to avoid looking at anything related to taxes, it often can yield a great ROI on the time spent.
Macro Rotation Outlook
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Sensitive - sectors that have moderate correlations to overall market conditions.
Trading Experts Comma Day Shirts
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
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