12 May Weekly Stock Market Forecast and Swing Trading Ideas Report
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Weekly Stock Market Forecasts, Charts, and Swing Trading Ideas List and Strategies Report
Week of May 13th 2024
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General Market Summary plus Swing Trade Ideas List:
Updated David Banister Market and Elliott Wave Views on SP 500 and more plus the weekly swing trade ideas list is at bottom of this report
Markets, Charts and more:
The S&P 500, Dow and Russell 2000 retook 50-day lines, joining the Nasdaq, as they all moved toward highs – IBD 5/12/24
After a low of 4964 on the ES SP 500 Futures during the correction, we have since rebounded in an Elliott Wave ABC or 1-2-3 fashion. Towards the end of last week the markets were looking more like a 3rd wave up off the lows was or is possible and if so, that would mean a push up to test the March 2024 highs is possible ahead.
From the March 10th 2024 Weekend Report: Turned out to be prescient advice:
China may also be a good turnaround candidate, we are only long YINN right now in the 3x ETF service. China is universally hated and maybe a good time to take some shots. I also expect Japan to continue to be in a new bull market cycle. Gold broke out of a 13 month base pattern I had told everyone about in the 3x service two weeks ago, and took gold stocks up with it. Bitcoin could run into some triple top resistance around 68k for now, but remains a long term favorite of mine since I recommended it at 27,000 last year.
A short to intermediate top in April will not surprise we as we are seeing Greed levels at pretty big extremes but still room for a few of my indicators to indicate a top ahead yet.
Sector and investing ideas going forward:
In the 3x ETF service which was formerly hosted on Stocktwits from Nov 2019 to February 2024, we are doing extremely well in all cycles. Most recently we took profits of 13% on LABU in 3 days (Biotech Bull) catching the behavioral pattern bottom near 92-94 and selling at 107. We also made nice quick gains on ERX (Energy) and TQQQ going from 51.50 to 57 for nice 10% gains. We currently are long BITX adding late last week to a longer term Bitcoin 2x Bull position, and we are working into a 1/2 position on semiconductors as well last week. Make sure to join, its $40 a month and gives you ideas outside of individual stocks daily with market forecasts included.
The3xetftrader.memberful.com for details.
I do like Micro-Caps and Small caps the best moving forward on a valuation and risk reward basis. I am spotting a ton of values to “buy right” in my Tippingpointstocks.com service. We have already had multiple 70-120% gainers in the last 18 months as it stands, but I still see values everywhere. We have held off on new positions for last few months as the market was toppy, but now a possible new position will be coming out this week related to Crypto and Energy production, and its an extreme value in my opinion the market is overlooking. Sign up at tippingpointstocks.com.
2 months ago in March we closed out a stock for 130% gains, another 1/2 position for 45% gains, and in the recent past closed out TGTX for over 100% gains for the 2nd time in 12 months, and sold COYA For 100% plus gains. All of these sales turned out to be great timing, its one thing to pick a stock for 50-100% potential, it’s another knowing when to sell based on market conditions, not easy for sure.
Futures service has been doing great as well we have seen huge moves in reversals in the past few trades, we are currently long the market again… ESALERTS.COM for details, and also hosted on The3xetftrader.memberful.com
QQQ ETF: Possible 3rd wave up, but we need a strong push soon
BITCOIN MONTHLY: BULLISH STILL 58000 key support- BITX 2x ETF Bull can be played
3X ETF TRACK RECORD: CLICK HERE
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STOCK SWING TRADING RESULTS: SEE FULL SRP STOCK SWING TRADE RESULTS 70% SUCCESS RATE SINCE 2009 CLICK BELOW
Swing Trade ideas list is updated at the bottom of this report reflecting current market conditions and relative leaders based on my review of fundamentals and chart patterns both.
In addition to being a member of various services, you can follow my comments during the week:
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SWING TRADING 101– Click to review my 10 plus keys to profitable and consistent swing trading I’ve used since 2009
- 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
5/13/24 Updated list and updated notes on older names as well
New Names updated and some are removed if they broke out and ran or broke down etc… a few names broke out big last week off this list… OSCR, APP, ALCC at one point which we sold at SRP, etc.
HALO – Could break out of 10 month consolidation to highs. Develops recombinant human enzymes and novel oncology therapies that target the tumor microenvironment.
IOT – Back on the list. Consolidating near 52 week highs. Provides an end-to-end solution that allows businesses that depend on physical operations to harness IoT data
IBTA – New Issue, Post IPO 4 week base building. Provides platform allowing brands to deliver digital promotions to
consumers through a network of publishers.
NU – Back on the list, 8 week base pattern. Brazil-based Co operating as a holding Co that provides a digital banking platform and services.
MNSO – Building up right side of base. China based Co operates 5,800 stores located in 90 countries and regions under the brand name MINISO.
ARIS – Back on the list, 5 week base near highs testing 10 week EMA line. Provides infrastructure and solutions to directly help customers reduce their water and carbon footprints.
PINS – Broke out of long base with strong earnings. May consolidate some then move higher. Provides a visual discovery platform that helps users to discover ideas for various projects and interests
MRX – Post IPO base pattern. United Kingdom based financial services co provides liquidity, market access and infrastructure services.
CADL – SRP Position we sold 1/2 for 8-10% gains last week. 7 week consolidation pattern, speculative but nice chart pattern. “off the shelf” allogenic therapies (CAR-T etc).
PAAS – Nice consolidation and leading sector precious metals. Canadian company engaged in the exploration, and development of silver and other minerals in Mexico. Needs to hold 18 area
OSCR – Shot higher last week off this list, broke out of that 13 week overall base Offers health insurance built around a full-stack technology platform focused on serving its members.
GBDC – 5 week base at highs. Business development company investing in senior secured, one
stop and second lien loans. Would like to see it hold 17 area
VRT – SRP Position this week 4/29, we sold 1/2 for 6-7% gains last week. Strong sector for A.I./Mining Etc. Manufactures and services of digital infrastructure technology for data centers and communication networks.
TCOM – At or near highs, may consolidate some. Chinese consolidator of hotel accommodations/airline tickets
targeting individual business . Needs to hold 48
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