06 Dec Weekly State of the Markets and Swing Trading Ideas Report
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SWING TRADING OF 3X ETF’S , STOCKS, E MINI SP 500 FUTURES, AND GROWTH STOCK RESEARCH SERVICES VIA SUBSCRIPTION
Weekly Stock Market and Trading Strategies Report Week of December 7th
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Notes: EARLY SIGNS OF A TOP ARE BUILDING!
- 65% Bulls only 17% Bears in Investment Advisor Surveys (High Greed Reading)
- 81% of Nasdaq Stocks now above their 50 day moving averages, relatively high reading (Early warning of top)
- NASDAQ New highs minus New Lows at highest reading in 5 years at 697 (Early sign of top)
- CNN Greed Index at 89, highest reading in a long time (Early sign of top)
- Some scientists at very high levels concerned that vaccines are not full safety tested or results skewed
- Smart Money Bullishness at lowest readings in years (under 13% bulls) Dumb Money Bulls at highest in years (Topping signal)
- Major Wave 5 low end target of 3740 is approaching on SP 500, my high end is 3996
- SRP and 3x ETF Members enjoying massive profits of late, some stocks spiking same day or 1-2 days later
- Early signs of blow off top are here, but watch 3740 for resistance, then possibly 3800-4000 comes later
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Another great week across the 4 services for members:
- Stocks- Big gains in TRIT, INO, APPS taken in whole or partially
- 3x ETF- LABU gains taken, New position in Gold play issued
- ES Futures- Guidance for 3740 on futures laid out and still moving in that direction
- TPS- Added new position on Friday we expect may double in 1st quarter 2021 (Tipping Point)
General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500
SP 500 and Market Commentary
Lots of super high sentiment readings are building which is part of my recipe when Im calling a top or getting close in terms of a current wave pattern. We have been in Major Wave 5 with my projection of 3800 on the low end but we could head as high as 3996 (Close to 4000) before we see an intermediate correction pattern if I am right. Near term watching 3740 for resistance and we are getting very close.
If you look at my bullet points at the top of the report, you will see that multiple top warnings are starting to flash. This is the best trading market I can remember since maybe 1999 or 2003 at least for me, and in a way that signals its time to be a little more cautious or at least pay attention to a possible “blow off top” and then a good sized correction coming. I like to be ahead of the curve and start planning accordingly with my trading strategies. We will look to be even quicker taking profits over next few weeks into Christmas window and with an eye on a correction (Wave 2) likely ahead as we approach this 3740-3996 region on the SP 500.
The CNN Greed reading is at 89, this is about as high a number as I can recall seeing and likely the high for 2020.
The number of NASDAQ new highs minus new lows is at a 5 year high. Smart Money Bullish readings are down near 13% vs 82% Dumb Money Bulls… this 69 point difference is historically high and comes near tops. I could go on, but just beware of a blow off possible ahead.
Charts this week SP 500 daily with Major Wave counts
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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.
YALA rallied over 60% off last weeks list from 11 to 17 plus, APPS ripped higher, we took profits at SRP, STRO blasted higher as well.
Ideas: Some repeated if still looking bullish and others newly added
ETSY-9 week overall base near highs, testing 10 week line on pullback for ETSY
FIZZ 3 weeks tight base near highs for beverage maker on list again
APPS- Although it had a nice rip early in week, we took profits after it hit our targets. This still looks attractive on the weekly chart views though with a 5 week tight base. Develops mobile software that enables mobile content distribution and transactions
PCRX- 3 week corrective pullback pattern to test 10 week line. Develops specialty pharmaceuticals using proprietary drug delivery technology for use in hospitals
BMY- 5 week corrective base near 10 week line. Develops pharmaceuticals for the treatment of oncology, immunoscience, cardiovascular, and fibrotic diseases.
YETI- 5 week overall base, we took some nice profits at SRP recently, but still looks attractive for YETI outdoor products etc
DDOG- 25 week flat base not far off highs. Provides SaaS-based monitoring platform for cloud applications used by
PINS- 6 week base near highs. We also took some nice profits at SRP on this one, but still looks attractive. Provides a visual discovery platform that helps users to discover ideas for various projects and interests
ASO- 5 week overall base correction on this recent IPO. Operates 259 stores across 16 contiguous states, primarily in the southern United States.
NGMS- Recent IPO, 3 weeks tight Post IPO Base. Provides global B2G and B2B technology and service provider to state lotteries and other lotteries operators
LASR- 5 week ascending base at highs. Designs and develop high-power semiconductor and fiber lasers for industrial, microfabrication, and other uses
FSLR- 8 week base near highs. Manufactures and sells solar modules for residential and commercial markets in the U.S., Europe and Asia
MNST- 4 weeks tight base within over all 17 week flat base for Beverage maker
SNBR- 4 weeks tight flat base near highs for Sleep Number mattress maker
DQ- 8 week flat base near highs for Chinese based photovoltaic maker (Solar)
*MRVI- Recent IPO, 3 weeks of trading only, but in the right place at right time. Provides products to help develop drug therapies, diagnostics, novel vaccines, and supports research on diseases
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