Weekly  Stock Market and Trading Strategies Report Week of December 23rd

Recent results and notes: 

Added one new swing trade position this past week, already up nicely in a few days.  Several at 1/2 position size after selling 1/2 for profits as well. We may add a few more this week, but current rally leg is getting a bit stretched.

ETF Service:  Added a new Alert on Friday for initial 1/2 position in a sector that completed a 13 week correction recently, and are close to selling 1/2 our TNA for 8% gains soon as well. Have hit 6 of our last 7 trades for 8-10% gains!!

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

Short Term:   As discussed last week here, Wave 5 up could extended to 3230-3270 and we are getting close here to watch for a short term top coming.

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 3250-3350 area eventually before completed… then  Wave 4 of Intermediate 3 likely, guessing Jan/February time frame possible.

Long Term View:  Int 3 of Major 3 underway to over 3300 likely

5th wave of 3 of  Intermediate 3 underway from 3070… should top fairly soon, have a 4th wave correction, then rally again in a larger 5th to complete intermediate 3, this could all take several more months, we will see.

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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.

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Market Notes and Indicator Charts:

• Santa rally continues higher, though likely running out of gas into January is my projection
• Riding the ES Futures contract higher in the E MINI Services for profits, looking for 3250 area
• 3x ETF service going strong, consider joining, currently long TNA and took a new position Friday on another
• Greed index climbing, may end up with final spike higher to end wave 5 up of 3, Reading at 90 out of 100!

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Weekly ideas and tips on Swing Trading Success:    Watching for top and bottom signals

Pay attention to market topping and or bottoming signals outside of the charts.  Lots of Bulls or Bears on CNBC, Magazine covers, articles on Yahoo Finance or CBS Marketwatch, headlines, discussion of possible recession or booming economy, you get the idea.  When one side of the ship has too many doubters or too many believers, your probably near a top or bottom.  We are nearing an interim top in the stock market, probably holds up through year end but prepare for some profit taking in the early new year possible. Good time to  cash in a few chips if you have some big winners of late.

Swing Trade Candidates:  A list of ideas to consider

Last week PING rose near 15% off this list, usually a few winners every week.  SEDG up 5.3% last week on top of 7.5% the week prior, both weeks on this list, DT up 4.8%, EVER 4.6%, VGR up 4.7%.

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 12/22/19 

INMD- CHART LINK

7 week correction off Post IPO highs. Off and on our list, volatile but this recent IPO is overall holding up nicely in a  Post IPO High corrective consolidation base pattern. They make RF Devices for cosmetic procedures.

NMIH- CHART LINK

7 weeks tight base near highs for this Private Mortgage Insurance provider.

BYD- CHART LINK

5 week base near 52 week highs, gaming, casino etc business.

CDLX- CHART LINK

An SRP alert this past week near 58, now in a 6 week tight base near highs. Develops a purchase intelligence platform for for marketers of debit cards etc.

DOCU- CHART LINK

3 week base near highs. Provides E Signatures solutions for contracts etc. (Docusign) 2nd week in row on list

EVER- CHART LINK

7 week overall base, up 4.6% last week of this list, near highs, 2nd week in a row on the list. Online exchange/marketplace for insurance products.

STNE- CHART LINK

5 week corrective base within an overall 14 week base near highs.  Pulled back this past week, 2nd week in a row on list. 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. 3rd week in a row on the list. Nice base pattern near recent multi moth highs.

DT- CHART LINK

5 week POST IPO Corrective pattern.  Up 4.8% last week off this list, 2nd week in a row, still looks good. Develops software intelligence platform to allow customers to modernize and automate IT operations.

CARG- CHART LINK

6 week corrective base, testing 13 week EMA line this past week.  4th week in a row on list.  Pulled back for 2nd straight week last week, need to see it hold $36 area.

VGR- CHART LINK

5 Week base near highs, Cigarette maker. 4th 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

11 Week base, golf equipment maker. 4th week in a row on list, still consolidating.

SNBR- CHART LINK

10 weeks tight base not far from 52 week highs. Reasonable PE ratio. 579 Retail stores offering sleep number bedding. 5th 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)

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