23 Aug Weekly State of the Markets and Swing Trading Ideas Report
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Weekly Stock Market and Trading Strategies Report Week of August 24th
“Your calls are very good! Nice work! You are calm, collected and cool in this Volatile Market. I appreciate your excellent work…just evaluate, execute and leave each day behind for tomorrow’s action; which is extremely difficult to do! I am learning…under your clear and simple instructions.(I have a hard time trusting when money is concerned! LOL!!)Thank you!!” 7/9/20 -@sproutup1 on Stocktwits (3x ETF service)
Notes:
- SP 500 hitting all time highs this past week- updated chart
- Biotech taking a corrective consolidation window- updated chart
- Gold chart updated
- Barrick Gold vs GDX ETF chart- Buffett buys Barrick Stock (GOLD)
- Monster week at SRP stock trading service- CWH, RKT, RESN 1 day post alert winners
- ETF service building 3x Bull in Biotech Position on pullback
- TPS service continues to see big gainers about to pop again
Recent results:
Stock ,ETF , and SP 500 Futures Swing Trading plus Growth Stock Investing options for members
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It’s best to belong to three or four of my subscription offerings at the same time to have the most opportunities across all market conditions with multiple shots on goal! Asset allocation as a Trader is key for long term success in all environments– Dave
Another great week across the 4 services for members:
- Stocks- RKT up 18% in 2 days after alert, CWH 7% profits taken 1 day later, RESN 13% profits 1 day later
- 3x ETF- Building LABU position in Biotech on corrective action
- ES Futures- Washed out for 28 point loss on micro-mini trade, bullish though to 3452 target still
- TPS- Momentum Growth stocks we pick before the crowd catches on, ATOM, TFFP, CRBP and more
General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500
SP 500 and Market Commentary
SP 500 continues to work higher and ride the 13 day EMA line on the daily charts. My projection on July 15th was for 3450 intermediately, and 5 weeks later we are getting close. Once that is hit, we could pullback in a Wave 2 correction of the larger Wave 3 pattern up from 2950 area. I’m seeing 3800-4000 by year end as possible, although I’m more if a price and direction analyst, not time or dates.
The market does not seem to be pricing in a Biden victory just yet but we still have a few months to go there.
Still too many naysayers on this Bull Market. What they have not factored in is that the drop from 3393 to 2191 was dramatic, historic, and happened in about 5 weeks. A major crash is almost always followed by a bull cycle. This cycle is continuing higher, so instead of trying to figure out why I just follow my Elliott Wave views and trust them. These views say we could be in a Major Wave 3 up from 2900’s Wave 2 lows and that would call for around 3900-4000 area before the next major pullback. See my weekly E Wave chart.
SP 500 updated Daily and Weekly chart views:
Gold Update: 2300 intermediate target after consolidation
Negative interest rates or trend towards lower rates obviously bullish for Gold. Pullback recently was overdue from a parabolic daily chart move up.
Warren Buffett broke with tradition recently and invested in Barrick Gold, my chart below says he could have just bought the GDX ETF and got the same result with less risk. Either way, this is a bullish call from a guy who never liked Gold, then again he never liked Apple for many years either.
1910 support
Biotech: Normal correction after torrid runup to 121 on XBI ETF
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Most recent research was TFFP at $6 several weeks ago, now up over 120% on their Thin Film Freezing technology for the delivery of drugs/vaccines. Email me for a 25% coupon at dave@themarketanalysts.com to try it out.
Read up at Tippingpointstocks.com
In addition to being a member of various services, you can follow my comments during the week:
- Twitter @stockreversals
- Stocktwits @stockreversals for commentary and or in my subscription services to stay up to speed daily.
- Follow me on Linked In as well where I provide periodic updates to professionals
Each week I try to come up with some fresh ideas, repeats as well if they have not broken out yet, or I remove prior ideas if they already ran up.
New Ideas:
CHGG- 2nd week in a row on base, now 77 and likely to work higher as we approach new school year with Covid issues.
TER- 8 week base for this IC chip tester covering multiple industries, testing 10 week line. 2nd week in row on list.
EBS- 3 weeks tight pattern base for vaccine and therapeutics developer that specializes in biological agents/weapons
PFSI- 4 week corrective base pattern near highs for producer and servicer of mortgage loans
VIRT- 25 week flat base for securities quotation provider, near highs
APPS- 3 week ascending base at highs. Mobile software developer has been on fire
GO- On our list often of late. Grocery Store outlet chain in 8 week post IPO base.
TENB- 4 weeks tight pattern near highs. Cyber security solutions provider
CRWD- 12 week flat base near highs. Software company that develops security solutions
EBAY- 7 week corrective base testing 10 week line
DT- Trying to retake the 10 week EMA line on right side of Post IPO Base, Software intelligence platform.
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