13 Feb Weekly State of the Markets, Crypto and Swing Trading Ideas Report
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Weekly Stock Market Forecasts, Charts, Crypto and Trading Strategies Report Week of Feb 13th 2022
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Market Notes and this weeks charts:
- C wave starts on cue from my 4590/4600 B wave projected high
- Energy stocks remain in focus and on uptrends as inflation plays.
- Last weeks Swing Trade list had numerous winners, this weeks is now updated as well at bottom of report
- Tech stocks take a hit late in week again, likely re-test of recent lows on QQQ (334 possible)
- Bitcoin runs into 45,500 resistance for now, may pull back before another run attempt
- 3x ETF closed out LABU for nice gains as well as ERX
- SRP closed out MARA for 19% gains after a strong move in Bitcoin, and also we have a nice up in ESTE late in week and EDR holding up well. Only a few positions open. AMD faded late in week after surging from our alert entry at 124.
- Futures correctly called the rally to warned traders to be ready for possible C wave down
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General Market Summary: Updated Banister Market and Elliott Wave Views on SP 500 and more
Market Notes and Commentary: (Updated swing trade ideas list at bottom of this report, many names did well last week due to focus on Energy, Inflation ideas etc)
NYSE (n) – 65 New Highs, 159 Lows
NASDAQ – 40 New Highs, 184 Lows
AMEX (a) – 6 New Highs, 18 Lows
Energy Stocks led new highs with 24 last week.
SRP Hit MARA for 19% profits last week as Bitcoin rallied
Last weeks notes repeated here:
“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…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”
We hit 4590 area and then immediately sold off, and Friday got worse with the Inflation numbers and threat of tensions in the Ukraine with Russia etc the excuse for selling. What is really happening is normal human behavioral patterns here in the broader markets. There is almost always a C wave after an A down, B up… so this is normal action even though it’s not fun for the Bulls. Keep an eye on the 4350’s area as next support and then 4215 and then if we break that well it can get ugly. Loosely I still think we double bottom above the A wave lows at some point, and then may start a Bull cycle up, but one day at a time.
Members of the premium service are updated every morning pre-market on the market patterns and usually my market “Maps” if you will are pretty accurate. We trade more or less aggressively depending on my market maps as well. Also, I look at which sectors are strongest (Energy, Financials), even in a weak tape and focus there for swing trades as well. We had ESTE for example an open position this past week which did well, and EDR held up very well also.
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 ERX for energy and we played a quick rebound in Biotech via LABU for profits. We took a quick loss on SOXL when the pattern broke down as well.
Last week my SP 500 chart showed a C wave possible so that is now in play it seems. Also showing XLE ETF as Energy stocks hit highs
SP 500 Chart: C wave underway, 4350’s first key support below 4440’s.
XLE: ENERGY HITS HIGHS
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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 2/13/22- Energy continues to lead, ESTE at SRP ripped higher on Friday for example. Quite a few stocks off this list last week actually did well. MOS, SBLK, GSL and many more… you must be trading in the right sectors at the right time. We also had AOSL smash as much as 20% higher before the Friday sell off as well in the Chip sector, so you can play counter-cyclical plays if you are quick enough.
NTR- 8 week base breaking to highs. Manufactures fertilizers and related industrial and feed products in
the U.S., Canada/Trinidad.
SF- 3 month sloppy base , was on last weeks list and broke to highs and pulled back late on Friday. Provides brokerage, trading, investment banking/fi nancial advisory services through 392 offices in 48 states
FANG- 5 week base near highs, SRP made profits on this recently but still looks good. Engaged in oil and gas exploration and production of unconventional, onshore oil and gas in Permian.
OKE- Building right side of base and may break to highs. Engaged in natural gas and NGLs gathering and processing in
SU- 5 week base at highs. Canadian company engaged in oil/gas exploration, refi ning/marketing of oil sands/natural gas in Canada
CVE- 5 week base near highs. Engaged in oil/natural gas exploration and production in Alberta
and Saskatchewan and refining in the U.S.
MU- If it can hold 87 could try another run up. Makes DRAM, NAND and NOR Flash memory, and image sensors
used in computers, servers and consumer electronics
ZIM- 3 week ascending base, this one has been on the swing trade list often. Hitting 52 week highs again. Israel-based asset-light container liner shipping co provides cargo solutions for all industries
TCN- Post IPO multi month base, could break out. Canadian-based Co that owns, operates, and manages rental
homes in the United States and Canada.
PLAB- Needs to hold 17 area. Manufactures photomasks used in the fabrication of semiconductors,
microelectronics/flat panel displays
OVV- 5 week base near highs. Engaged in exploration and production of natural gas and oil in British
Columbia, Alberta, and in the U.S.
STX- 14 week flat base near highs, needs to hold 106. Ireland-based holding Co manufactures hard disk drives for the
enterprise, desktop, mobile computing.
RH- Close to breakout on right side of base. Provides temporary and permanent staffi ng services for the
accounting, finance, administrative
NOG- 5 week base close to breakout. Engaged in the exploration and production of oil and natural gas
within the Williston Basin
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.
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
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