31 Jan 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 February 1st 2021
“I’ve mentioned it before, but it’s worth mentioning again. I’ve been a subscriber in three of Dave’s services – SRP, TPS and 3xETF for about a year now. Because I feel so highly in regards to Dave’s services and the performance I’ve experienced; my daughter, my brother and another friend have become subscribers to at least one of his services. I’m working on a couple other people as well😉 Dave thanks so much for all you do!” – 1/7/21- @JTD26 on Stocktwits
Notes on indicators and charts:
- SP 500 Major 5 appears to have topped at 3870, 3475 is my new target for now (Chart)
- Put to Call ratio as noted last Sunday in this report was Bearish for the market
- SRP is 90% in cash going into Monday in our Swing Trade Model
- 3x ETF is long TZA (3x Bear small caps as of mid last week)
- Correction should be around 10% off the highs, market will need to rally hard Monday to reverse trend
- Individual Stocks can still move to the upside during the correction, but best to tread carefully is all
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Another great week across the 4 services for members:
- SRP Swing Trade Stocks Profits taken, losses on 3 stocks, 90% cash at end of week
- 3x ETF- Cashed out LABU for 16% profit near top, Entered TZA as bear hedge play
- ES Futures- 3750 stop triggered late in week
- TPS- Closed out a TPS play for 80-100% gains, raising cash, setting up spots to buy/add on dips
General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500
SP 500 and General Market Commentary
From 1/24 Weekly Report Notes last week:
“As noted here last week, gut says we are getting closer to that top. We have put to call ratios at historical lows, sentiment readings at historic highs, non profitable tech stocks (NASDAQ) at relative historical highs to profitable companies, and a Major 5 nearing a typical length high or close. Its good to be on guard.”
Also from the Put to Call chart last weekend I noted:
“Weekly put to call ratio near 52 week lows and multi year lows, typically comes near the top of a 5th wave bull cycle”
So we got hit with the avalanche of selling on Wednesday and I had tight stops in place on purpose. We sold out of 3 positions for reasonable losses, and then a break even on Thursday. We have just 1 position left long and that rebounded up on Friday after earnings. I can still find stocks to trade but this is where I slow down and follow the SP 500 action and try to be patient. If for some reason we rapidly rebound early this coming week, we can shift but for now watching for possible drop to 3475 on SP 500 for starters over next few weeks. Mercury also went Retrograde on Saturday, Full Moon last Thursday and those add to a topping recipe is all.
Charts This week: SP 500 Daily and Dec 27th Weekend Report long term chart repeated
Chart from Dec 27th Report repeated for reference: This was my projection 4 weeks ago
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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 the big winner off the list last week. Alerted it Monday at SRP but it blasted off fast and hard to get in.
Ideas with a combination of strong fundamentals and attractive behavioral pattern charts combined
LOGI- 4 weeks tight base near highs, tested 10 week line on pullback this past week. Strong earnings report, computer peripherals maker, 2nd week in row on list
HZO- 3 week tight near highs, 2nd week in a row on the list, near a 5 month overall breakout. 77 Retail stores in 21 states selling new and used boats, pleasure and fishing etc.
QFIN- 5 week overall ascending base, 2nd week in row on list, went up again last week and near a 7 month overall breakout. Chinese provider of digital consumer finance platform and consumer financing services.
CHGG- 5 weeks tight base near highs for online education tools provider, 2nd week in row on list, moved up a bit last week but still looks bullish. 4th week in row on list, we did get stopped out last week at SRP on tight stop
VIRT- Potential 5 month breakout for securities and financial instruments quotation provider
PCRX- 3 week corrective pattern after a breakout. Develops specialty pharmaceuticals
SWKS- 4 Week ascending base pulls back from breakout late in week. Analog Mixed Signal IC’s.
TBIO- Former TPS play we cashed out of weeks back for gains, but now setting up in nice base. Develops therapeutics for treatment of diseases caused by gene or protein dysfunction.
SDGR- 4 week base near highs and 7 month overall cup pattern. Develops software that enables drug discovery of novel molecules and materials applications (A.I. play)
XPEL- 6 week ascending bullish base at or near 52 week highs, 2nd week in a row on list. Manufactures and distributes after market automotive products in U.S, Canada, U.K and Netherlands. A bit extended so tight stop if you play.
HOLX- 9 week base, broke out 3 weeks ago but pulled back a bit last two weeks to 10 week EMA Line. Develops imaging systems and diagnostic and surgical products focused on the healthcare needs of women. SRP is long.
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