29 Oct 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 October 29th 2023
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General Market Summary plus Swing Trade Ideas List:
Updated Banister Market and Elliott Wave Views on SP 500 and more and weekly swing trade updated ideas list is at bottom of this report
Markets and more: 5 waves down and new lows last week
Rough time in the market as soaring interest rate yields and uncertainty continues to take toll. This is also October which in a down market can cause even more selling due to Mutual Fund year end tax based selling. 4100 area on the SP 500 is key level to watch near term.
Trading: Chinese selected names, Tankers-Shipping two of the better sectors and SRP has focused on both of late
In the SRP stock swing trading service (Since 2009) we have gone extremely slowly with new position swing trade alerts the last two weeks. A few weeks go in the last weekly report, I noted we sold out of high fliers into a mini market rally. That turned out to be a shrewd move in hindsight. In fact, only 2 new positions have been alerted since October 17th and both were late last week after most of the recent downdraft. We have continued to do well focusing on relative strength leaders and Chinese based plays that we cashed out of on some large moves up recently. Some of those are now correcting hard after we sold, EDU however had a sharp move up on earnings this week and we still have a few fresh names consolidating in that sector.
SP 500: 61% retrace of March lows to July highs met on Friday last week
Trading Results: See full SRP Stock Swing Trade results 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.
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- 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
10/29/23 Updated list and updated notes on older names as well- – “Needs to hold” pricing given due to difficult stock market of late
Click on Symbol to see Chart for each Stock listed
FUTU –7 week consolidation. Needs to hold 56.15 area, 5th week on list. China based company operates as a holding company that offers an online brokerage platform
MNSO – (China Retail) 6 week consolidation near highs. China based Co operates 5,200 stores located in 80 countries and
regions under the brand name MINISO. PE 31 Strong 100% YOY growth in EPS.
INSW – (Tankers shipping) Breaking out of cup and handle weekly base to interim highs. Provides transportation services of crude oil and petroleum products with a fleet of 74 vessels.
PDD – Another strong China name. Chinese provider of third-party mobile e-commerce platform (TEMU) for
buyers with merchandise shopping experiences. Needs to hold 96
OLLI – (Discount Retail) Flat multi week base near highs. Operates 468 Ollie’s Bargain retail outlets in 29 states and offers a broad selection of brand name
TNK – (Tankers Shipping) Broke out of 8 month base to new highs last week. Provides international crude oil and petroleum product transportation services with a fleet of 43 owned
EDU – 10 week base near highs. Reported strong earnings and spiked just over 70 before pulling back to 65 area late in the week. Former SRP position recently which we sold higher. Chinese provider of language training & test prep courses to 3.7 mil students via 107 schools/637 centers. 56.60 key to hold on pullbacks
ZS – Back on the list again. Needs to hold 155 area. Operates a massive, global cloud security architecture, delivering the entire gateway security stack
PR – 7 week overall base. Needs to hold 13.60 area. Focused on acquisition/optimization/development of oil and liquids-rich natural gas assets in TX, Permian.
PRDO – 13 week ascending base near highs. Provides post-secondary education for about 39,200 students via
campuses in the U.S. PE 9. Recent strong earnings winners in this sector last week bodes well.
FRO – 5 week ascending base near highs. Current SRP position as of late late week. Has been on list a few weeks. Provides tanker transportation services of oil and oil products through a fleet of 70 vessels. Hit 52 week highs on Friday for SRP, but still attractive.
YY –6 week base consolidating near highs. PE 12. Chinese provide online voice and video communications services, social networking services and online games. 2nd week on list. Needs to hold 37. Current SRP position
HNRG – 5 week base near highs. Back on list. Needs to hold 13.50 Engaged in coal mining primarily in the Carlisle underground coal mine in western Indiana.
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