19 Apr 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 April 19th 2021
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Notes on indicators and charts:
- BIOTECH may have completed 10 week correction, XBI ETF (Chart)
- Chip Stocks look poised to break out and run after 9 week base we are long SOXL at 3x ETF (Chart)
- Small Caps in 10 week consolidation, also look poised to reverse course in May-July (Chart on IWM)
- Lots of damage in micro cap and small caps and biotech underneath large indices breaking out but I sense a turn up may be coming soon
- SP 500 hits my 4175 target given out 30 days ago, 4240 is up next (Chart)
Recent results:Holding SOXL with big gains on 1/2 from 36 and also FAS a full position from 97 average at 3x ETF service. SRP nice moves up in MU and APPS gains taken on 1/2 before pullbacks. A few new positions look poised to move higher. New positions alerted last week. Futures service riding long since 4000 area looking for 4175 plus, sold 1/2 this past week. TSP having some sharp pullbacks as we are largely small/micro cap and biotech/tech related, looking for turns though shortly to upside.
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General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500
SP 500 and General Market Commentary
We hit my 4175 target on the SP 500 this past week on Friday, 4240 is up next for resistance. The large cap index is a bit extended here short term, watch 4240 as near term resistance. The next area of upside is micro caps and biotech ahead if I’m right from a risk reward. You may also see more money pouring into post Covid plays like Cruise Ships, Entertainment, Airlines ,Travel, Hotels etc going forward.
Last week I noted Biotech may try to double bottom and the XBI chart showed 126 area shaded, we hit that this past week. We took a long LABU position at 63-64 at 3x ETF service (Just $40 a month) and sold out at 70 short term, but we may re-enter soon, just want to see follow on confirmation.
Lots of charts today, Biotech, SP 500, SOX (Chips), and Small Caps (IWM)
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Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined. List is updated every Sunday, names removed if they broke out to the upside strongly and or broke down. New names added, many names repeated if still in a bullish pattern. A lot of stocks will pull back harshly right before a big breakout reversal, so be advised.
VICI- 7 week base near highs. REIT that owns, acquires and develops experiential real estate
assets across gaming, hospitality and others.
CCS- 10 week base near highs and moving up last week, has been on my list 3 weeks in a row. Builds single-family detached and attached homes in metropolitan markets in Colorado, Texas, Georgia/Nevada
LOVE – 2 week tight base, looks close to break out. Manufactures and sells foam fi lled furniture, sectional couches,
and related accessories.
QFIN- 10 week overall base, sloppy and volatile but could be a mover in time. Would like to see this hold $21. Chinese company’s data-driven tech platform helps financial institutions target products to consumers.
ATKR- 6 week tight base near highs. Manufactures electrical and mechanical products for the nonresidential construction and industrial markets.
GRBK- 5.5 month base, now breaking out, SRP is long from a week ago. Owns, develops and sells land and builds single-family homes in Dallas and Atlanta markets, TX/Atlanta, GA (SRP Open Position)
CLF- 3 week base on top of 14 week base, breaking out. A play on the Infrastructure spending. Producer of flat-rolled steel and supplier of iron ore pellets in North America.
TPX- 5 week base near highs. Makes temperature sensitive visco-elastic pressure foam mattresses, pillows, and comfort/lumbar cushions
JEF- 10 week overall base, but holding 10 week EMA line. Engaged in investment banking, capital markets, asset management and direct investing business.
CRCT- 3 week recent IPO, trending sideways to up. Provides connected machines, design apps, accessories and materials to built do-it-yourself goods.
SLQT- 9 week base near highs. Brokers insurance products and offers senior health, life and auto and
home insurance policies.
DT- 11 week overall base testing 10 week EMA not far off highs. Develops software intelligence platform to allow customers to modernize and automate IT operations
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