Michael, thanks for sharing the June 23 update but I find the Stock Market analysis somewhat superficial and missing the underlying negative action! If digging a little deeper, the suggestion of 'long trade' could be misleading as the volumes and breadths have been declining as viewed on the equal-weighted average indices (e.g., SPEW & QQQE), as well as the only two sectors showing some strength, as expected seasonally, are XLK and XLY (e.g., see RRG graphs at StockCharts last Monday).
In addition, on the short swing trades, SPY is reverting to the mean after breaching its 1-month trading channel last Wednesday, so preference/bias to short (Puts) trades until it pivots under its 1-month channel to the upside, like CME (July Put $190), GS (July Put $435), DE (July Put $360), VLO, MRVL, CEG, CAT, etc. However, there are always some leading stocks pivoting higher (Calls) sooner like TTWO (July Call $165), PVH (July Call $165), ULTA (July Call $145), ZTS, TMUS, etc., but as always caution on counter-trend trades!
GLD & SLV also breached their negatively sloped trading channels last Thursday, so likely some short-term weakness in coming days to weeks! USO also breached the topside of its upward sloping trading channel on Thursday so likely some weakness in coming days, but trend is still positive.
I have other screens that I also run to ferret out opportunities, but the market action is generally thin with the biggies pushing indices higher, so be careful out there eh! Just expressing some non-CMT comments so hoping you don't mind some chatter from the peanut gallery!
I see what you're looking at, but it's just a bit different. If we look at the close of SPY vs. RSP and QQQ vs. QQQE on a weekly chart, the equal weights outperformed dramatically.
Also, I have seen no studies that prove that a concentrated market is a bad thing, but a few that it's actually healthy.
Michael, thanks for sharing the June 23 update but I find the Stock Market analysis somewhat superficial and missing the underlying negative action! If digging a little deeper, the suggestion of 'long trade' could be misleading as the volumes and breadths have been declining as viewed on the equal-weighted average indices (e.g., SPEW & QQQE), as well as the only two sectors showing some strength, as expected seasonally, are XLK and XLY (e.g., see RRG graphs at StockCharts last Monday).
In addition, on the short swing trades, SPY is reverting to the mean after breaching its 1-month trading channel last Wednesday, so preference/bias to short (Puts) trades until it pivots under its 1-month channel to the upside, like CME (July Put $190), GS (July Put $435), DE (July Put $360), VLO, MRVL, CEG, CAT, etc. However, there are always some leading stocks pivoting higher (Calls) sooner like TTWO (July Call $165), PVH (July Call $165), ULTA (July Call $145), ZTS, TMUS, etc., but as always caution on counter-trend trades!
GLD & SLV also breached their negatively sloped trading channels last Thursday, so likely some short-term weakness in coming days to weeks! USO also breached the topside of its upward sloping trading channel on Thursday so likely some weakness in coming days, but trend is still positive.
I have other screens that I also run to ferret out opportunities, but the market action is generally thin with the biggies pushing indices higher, so be careful out there eh! Just expressing some non-CMT comments so hoping you don't mind some chatter from the peanut gallery!
Take care and enjoy the journey(s)!
Michael Bryden
I see what you're looking at, but it's just a bit different. If we look at the close of SPY vs. RSP and QQQ vs. QQQE on a weekly chart, the equal weights outperformed dramatically.
Also, I have seen no studies that prove that a concentrated market is a bad thing, but a few that it's actually healthy.