05 Feb Weekly State of the Markets, Crypto and Swing Trading Ideas Report
SWING TRADING OF 3X ETF’S , STOCKS, E MINI SP 500 FUTURES, CRYPTO, AND MOMENTUM GROWTH STOCK RESEARCH SERVICES VIA SUBSCRIPTION
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SWING TRADING OF 3X ETF’S , STOCKS, E MINI SP 500 FUTURES, CRYPTO AND GROWTH STOCK RESEARCH SERVICES VIA SUBSCRIPTION
Weekly Stock Market Forecasts, Charts, Crypto and Trading Strategies Report Week of Feb 7th 2022
“By the way I want to thank you once again for the amazing service you are offering…Have been a member of SRP for more than 4 years and I really have no words…only huge respect and gratitude…my account keeps growing steadily and consistently…it’s really a blessing for me and my family…The 3xETF service is a huge additional value to my portfolio and I plan to join more of your services very soon…” Bill L. 1/3/22
“Hi Dave,It’s been quite a while since I’ve checked in. I hope all’s well with you. Couple weeks ago I re-upped for my 2nd year in SRP. Just wanted to say thanks for all the excellent trade alerts over the past year. I’m really enjoying your service as a valuable component of my overall market approach. I’ve also noticed that you don’t go crazy with new alerts when the market/sentiment is iffy, which is impressive. Great job (not that you need me to tell you that!)” – Matt S.- SRP member, 9/21/21
“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
Market Notes and this weeks charts:
- Volatility continues but perhaps a bottom in price formed in past week or so See SP 500 Chart
- The IBD 20 is 95% Oil and Gas companies, just of interest (Investors Business Daily Index)
- Bitcoin MAY have confirmed a bottom on the monthly charts in January, see updated Chart
- 3x ETF service did very well with TQQQ and ERX this past week
- Energy remains the strongest sector and SRP is playing those of late for nice gains in rough market
- 3x ETF made 10-15% gains on TQQQ Bull and up 9% on ERX sold 1/2 on Friday (Energy)
- SRP did well with ESTE and MTDR Energy swing trade plays up 8% plus on each focusing on strongest sector
- Futures service hit for massive gains twice during the week buying the dips
- TPS has seen one of our Crypto based plays rally 95% in two weeks off the lows, patience can pay
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General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500 and more
Market Notes and Commentary:
Last weeks notes repeated here:
“Did this Bull Cycle top at 4800 on SP 500? We do not know yet, but I can make a case for a counter B wave rally here to 4600 or close possible off the 4222 lows this past week. 4440 is key to take out for those looking for markers to watch”
Surely we hit 4590’s area and pulled back to 4440 area which makes Fibonacci sense behavioral pattern wise. In the Futures service I told everyone to wait for 4440-4450 to go long again, and that hit and then we all know the market surged again on Friday.
Are we out of the Bear cycle woods? 50% chance yet, and the current pattern as you will see in my SP 500 chart this week to be honest can go either direction near term. Lots of volatility in earnings reports with SNAP, GOOG great and FB not so much for example, whipsawing investors this past week late in the week.
Normally with a 3rd wave on the downside being extended as it was in the correction from 4808 SP 500 highs, we do not end up re-testing those lows on the 5th wave. In English, so far the pullback after the bounce off 4222 lows to 4453, only pulled back to 4292, about 70 points ABOVE the 3rd wave low at 4222 by my count. This is called a “Truncated” 5th wave meaning, higher than the 3rd wave low… rare… but can happen and its super bullish if so.
The energy and financial stocks continue to lead so over at the SRP Swing Trade service we are focused on those names right now and also kept high cash balances during the drop last 2 weeks while carefully deploying a few trades into names like ESTE, MTDR and a few that have done well actually as we sector focused on leadership with swing alerts.
So bottom line is keep your eyes on 4440 area for SP 500 as key support, and 4600 as key resistance ahead to tip us off on the intermediate direction
Futures service on ES (SP 500) knocked it out of the park a few times this past week with massive moves off the Elliott Wave dips I projected as well which was great.
The 3x ETF service also focused on a rebound play in QQQ ETF via TQQQ and banked 10-15% gains on each half. We also are long ERX in the Energy space and took 9% gains on 1/2 on Friday… so that is going well by again going slow and being careful with selection and timing as usual. Read up at the3xetftrader.com and join on stocktwits at $40 a month.
SP 500 and Bitcoin charts this week:
SP 500 Chart: Bulls still need to take out 4600 or we pull back hard again
Bitcoin Monthly- 13 month behavioral pattern looks bullish
Tipping Point Stocks- Wealth building looking for multi-baggers before the crowd comes in, 9 stocks have more than doubled since June 2020. Getting involved in Decentralized Finance Web 3.0 boom now with Stable Coin Play and an ETF Issuer stock play in Europe and will add more soon as Bear cycle winds down in Bitcoin.
Recently three new research reports have been put out. One is a Crypto Equity play that is growing incredibly fast and underfollowed and was up 100% 4 weeks after the report recently. Another is an E Commerce play on a company that is rapidly changing a 100 year old business sector, and very recently in December a Crypto Token/Protocol for Stablecoins which are exploding.
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Swing Trade 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
Updated List 2/5/22- Still a lot of Oil and Gas plays, Financials etc. We did well last week ESTE, MTDR etc at SRP
AOSL- 5 week correction and possible reversal. Bermuda-Based Co designs power discretes and power ICs for
conversion/regulation of electricity
SF- 3 month sloppy base but back up near highs breakout. Provides brokerage, trading, investment banking/fi nancial advisory services through 392 offices in 48 states
BROS- 21 week Post IPO Base pattern, still well off all time highs. Earnings due on 2/9. Operates 471 drive-through coffee shops in 11 states in the United States
RJF- Breaking out to ATH and in the Financial Sector. Provides securities brokerage, investment banking, asset management and banking services in the U.S./abroad.
WFG- 3 month base, nice relative strength here, pulling back here may provide good entry. Canadian Co manufactures and distributes wood products for home construction with more than 60 facilities. Inflation play.
RIO- 4 week corrective pullback. U.K. based company with global interests in mining metals and
BCC- On the list last week, broke out to highs and pulled back some late in week. 6 week base near highs, also inflation play. Manufactures and distributes wood products and building materials for residential/commercial construction.
PSXP- 4 week bullish base near highs. Owns and operates oil and gas products pipelines and terminals in
the Gulf Coast and Central
GSL- Close to 3 month breakout to highs. 2nd week in row on list, broke out briefly last week then pulled back a bit which is common. Provides international tanker transportation services in the containership sector with a fleet of 43 vessels
TSLA- 13 week corrective base pattern, may move back towards highs if market is healthy. Manufactures high-performance fully electric vehicles and advanced electric vehicle powertrain components
HESM- 4 week base near highs. Provides natural gas gathering and processing, and residue gas and
transportation services to Hess.
OVV- 4 week base near highs. Engaged in exploration and production of natural gas and oil in British
Columbia, Alberta, and in the U.S.
OAS- 5 week base near highs, about to break out. 2nd week in a row on list. Explores, produces oil and natural gas in the Williston basin in North Dakota/Montana.
SBLK- 4 month tight base not far off highs. Provides intl tanker transportation services for dry bulk cargo with a
fleet of 128 dry bulk carriers
MNRL- 13 week meandering base, but could be attractive entry. Engaged in the acquisition of mineral and royalty interests in oil and gas properties in the United States
MOS- Near 52 week high breakout of base. Manufactures phosphate fertilizers, feed phosphate and potash
fertilizers sold worldwide.
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