Big Picture TGI....Summer

Broad Market Outlook

As summer officially starts today, it is a good time to remember that the summers are often filled with slower trading days as most are vacationing and away from their screens. Remember this if you are trying to force an idea simply to be in something.
As the SPY continues to inch back towards the prior all time high and flags out in this 5% range we are in. One could expect the rest of the summer to continue this period of consolidation that we have started to see start since April.
Sector wise Financials and Healthcare look the most likely to continue to break out to new highs in the near future, with Energy not to far behind still flagging out nicely but could use some time. 
While sectors such as Staples, Industrial's and Telecom are close to there respected retests that will need even more time before they are ready for there next legs. 
For myself personally, I have been in a handful of swings for a few months now, just giving them the proper room they need vs there proper pivot lows. While being much more risk averse in new positions buying up off support. I may give away a TSLA for break even as it inches higher but I will also lose nothing in VRTX as it does the opposite.
Enjoy the summer, have your list of names on your radar and know that some times less is more.  
From Ben G




Macro Rotation Outlook

Dow Jones
MDY Mid Caps 
IWM Small Caps

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Sector Rotation
Sensitive -  sectors that have moderate correlations to overall market conditions. 

VGT Tech
VDE Energy
VIS Industrial
VOX Telecom


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Cyclical - sectors that are more sensitive overall market conditions.
VAW Materials
VCR Consumer Discretionary
VFH Financials

Defensive- sectors that tend to outperforming during sub par market conditions.
VDC Consumer Staples
VHT Healthcare
IBB Bio Tech
VPU Utilities
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ANTM has been flagging quite tightly for the last month in a 3% range, will look to buy up through $400 vs the low of the flag.  
We got a nice low risk buy up off support in CMG, the real stop is vs that doji at lows however I do not mind limiting the risk as it has yet to really move away from our cost basis. 
Got ticked into an add in DHR as it was not quite ready to break out to new all time highs, still looks like a great flag and will add again the next time DHR heads back above $260. 
With MMC retesting the prior high we should expect this area to be met with resistance as it continues to flag near highs, just need to be patient and be ready to add to this winner when the time is right. 
The measured move of this bull flag would be towards the $120 area, for now keeping the stop at $98 as the stock has been respecting that area for now. 
As we have been trading the range in SNAP quite well, it is inching its way back towards the $64 area that has acted as resistance for the better part of the year. As much as you may want to sell into this, we know the more attempts a stock makes at a resistance level the higher the chance it breaks resistance and continues higher. For now there seems to be 3 spots to place a stop depending on the room you would like to give the name. 
For those still in UPS, its started to flag out nicely on the daily, and we could find some lower entry points however for now, giving this name the time it needs and will wait for the proper entry to buy the new all time high when it wants to go. 
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