Weekly  Stock Market and Trading Strategies Report Week of December 16th

Recent results and notes: 

Continuing to take profits as we have them. This past week taking some gains in PRVB, LTHM, and RDFN.

ETF Service: Took gains on NUGT this past week  and are up on our TNA position.  We have hit 6 of our last 7 trades for gains.

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Short Term and Long Term Elliott Wave Views for the SP 500 Index

Short Term:   As called last weekend, wave 4 bottom price came in at 3070 and we rallied to all time highs again in Wave 5 up of Intermediate Wave 3. This could extend to 3230-3270 ranges short term as the Santa Rally continues.

Long Term:   (Wave  3 of Intermediate 3 of Major 3).  The long term Primary Wave 5 up from Feb 2016 lows continues, we are in Major Wave 3 up from the 2345 lows of Major 2 in Dec 2018.  We continue up in Intermediate Wave 3 of Major Wave 3 of Primary 5, this could extend to 3270-3350 area eventually before completed… see updated chart

Long Term View:  Int 3 of Major 3 underway to over 3200 likely

5th wave of Intermediate 3 underway from 3070…

Click to Enlarge

Short Term View: Wave 5 of 3 continues higher

Wave 5 continues of 3 of 5…  Looking at 3250 area loosely as possible, but one week at a time.

Click to Enlarge

Market Notes and Indicator Charts:

• Santa rally should continue higher, led by Biotech

Weekly ideas and tips on Swing Trading Success:   Keeping your mind quiet, trust the process

I cover behavioral patterns in the markets and tend to ignore the other noise like interest rates, recession fears, and CNBC jargon and jabber.  Keeping your mind quiet and focused is best. You cant chase every stock or sell and buy every 20 minutes and get any clarity in my opinion. Focus on 3-6 positions at a time in general which is what we do at SRP and keep an active watch list so you are ready to close out one and move into another as well.  That said, take your time, take trading breaks, and follow the market paths I lay out. Trust the process, but make sure you have one… I do.

Swing Trade Candidates:  A list of ideas to consider

This week as usual we have an updated list of some ideas for the intermediate window.  We issue official alerts to SRP members via Text and Email and Post and they may or may not come off this list.

Updated 12/15/19-  

CDLX- CHART LINK

Back on the list, now in a 5 week tight base near highs. Develops a purchase intelligence platform for for marketers of debit cards etc.

DOCU- CHART LINK

4 week base near highs. Provides E Signatures solutions for contracts etc. (Docusign)

EVER- CHART LINK

6 week overall base near highs, has been on list recently. Online exchange/marketplace for insurance products.

STNE- CHART LINK

4 week corrective base near highs. We played this a few weeks back at SRP for nice gains. FINTECH solutions in Brazil, a Warren Buffett top holding too.

RDFN- CHART LINK

A current SRP position, we took 1/2 gains this past week at 8% or so. Looks ready to spike higher though.

PING- CHART LINK

4 week POST IPO consolidation near highs. Provides intelligent identity solutions for secure access to various solutions.

DT- CHART LINK

4 week POST IPO Corrective pattern. Develops software intelligence platform to allow customers to modernize and automate IT operations.

MHO- CHART LINK

8 week base, builds single family homes. Near 52 week high breakout. 3rd week in row on list.

SEDG- CHART LINK

Up 7.5% last week off our list, still looks good, 19 Week base overall, supplier of DC Optimizer inverters to solar industry, 3rd week  in row on list.

EDU- CHART LINK

Now an 8 week base near highs for Chinese Education provider. We had this on the list weeks back and it broke out, but now building another base. 3rd week in a row on the list, consolidated last week in the range.

CARG- CHART LINK

5 week corrective base, testing 13 week EMA line this past week. 3rd week in a row on list.  Pulled back last week to where I projected this past Sunday (Dec 9th report) Online automotive marketplace provider.

VGR- CHART LINK

14 Week base near highs, Cigarette maker. 3rd week in a row on list.  Pulled back a bit this past week, but as long as 12.25 area holds on a closing basis this is normal consolidation action.

ELY- CHART LINK

10 Week base, golf equipment maker. 3rd week in a row on list, still consolidating.

MOMO- CHART LINK

6 weeks corrective pattern pattern near 52 week highs. Chinese provider of mobile based social networking platform, growing rapidly at reasonable PE ratio. 4th week in a row on list. SRP current position.

SNBR- CHART LINK

9 weeks tight base not far from 52 week highs. Reasonable PE ratio. 579 Retail stores offering sleep number bedding. 4th week in row on the list.

Read up at TheMarketAnalysts.com for more details

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Contact Dave with any questions (Dave@Themarketanalysts.com)

TheMarketAnalysts.com