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In the next two weeks there will be a huge platform upgrade with full TradeFinder screeners deployed inside the charts among other key upgrades. This will be a massive time saver, meaning we can concentrate time more efficiently on the best setups when they appear.
The markets …
In the last two weeks I’ve made reference to the markets being a mixed lopsided bag dominated by tech.
Finally tech took a rest on Thursday in tandem with our medium term timer showing ‘overbought’.
Broad conditions remain sub-optimal and plum AAA Big Money Footprint setups remain thin on the ground.
What does seem possible is some sector rotation with insurance companies and healthcare stocks looking interesting. Also real estate stocks are posing questions, which I’ll detail in the video.
IWM still looks weak, DIA looks promising, and the SPY and QQQ look overcooked.
As I’ve mentioned recently, it’s an untidy market with a few higher risk opportunities that could pay off big time, but within the context of a large hail of bullets to dodge.
Best approach: be patient like the lion!
See below for Market Outlook.
How to Watch This Video:
The best way to watch this video so you can flip through the charts at the same time:
- Log into the members area: https://members.wisetraders.com
- Click on Platform (top right)
- Click on TV within the Platform (top right)
- Choose “On Demand”
- Play
Market Outlook:
Watch the video for more detail.
For the last two weeks I said the SPY and QQQ were somewhat extended but still with upside potential. That happened both times but now a rest is in order for these indices.
I also said the IWM looked weak. That still looks relevant.
And I said the markets would continue to be inconsistent and ragged. That’s also whats happened, and looks likely to continue.
Our market timing is a real strength that few others possess. Being good at market timing enables you to swim WITH the tide.
The Main Indices:
The SPY and QQQ will likely continue their pullbacks.
The DIA looks like it has some upside potential, potentially inspired by sector rotations, while the IWM looks weak.
Market Timers:
- Longer Term Market Timer (OVIsi):
Green. - Medium Term Swing Timer:
Coming back from overbought. - Index OVIs:
Only the IWM has a red OVI right now.
Fast Filters Stock Selection:
I’m getting very excited about the imminent upgrades! Because they will mean a massive time saving for my research process!
Typically what I do is review my Fast Filter combos, but if there are many stocks in a particular Fast Filter set, I’ll apply other filters one at a time to reduce the list size. In two week’s time we’ll be able to do that from the charts on the same tab!
Like the last couple of weeks, there’s not much out there of real AAA quality this week. If you think otherwise, then your analysis may not be stringent enough!
Remember a chart needs to have the right qualities in order for you to consider trading it.
Pick your playbook and stick to the best quality setups that conform to it.
My playbook is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move. The other two Big Money Footprints are desirable but those four are essential to ME!
Go into the ‘Expert Watchlists’ area of the platform to view my Watchlists for (a) all the stocks I cover in today’s video, and (b) a smaller list that warrant a closer look.
** The list of stocks is in the Expert Watchlists area (just click on my image to see them), so you’ll have to log in to see it. Market Timing will also go inside a login soon. Remember to reference the video commentary so you know what my sentiment is on each stock listed. **
Software Upgrades:
A new chart design is almost complete where you’ll see real consistency between all the different charting applications. This will make things easier for you moving forward.
After that, journalling from the charts which will pave the way for:
- A link to a broker platform from the enhanced Journal app directly from the charts to make life much easier for you.
Imagine knowing if an options trade is in line with or violates your stated risk parameters!
We’ve already built the calculator engine, it just needs to be deployed. - More indicators to choose from inside our OVI charts …
Not so much for me personally, but I know many members do like to play!
Also, the full mobile phone (portrait) optimization is in the plan for the summer, and more dynamic notifications from inside the application will follow that. Lots to do!
Many more game-changing upgrades will be made in time for the London Stocks Summit on December 7th.
Events:
Our Stocks Summit in London on 7th December will be the most practical ever, with half of the event dedicated to practical exercises and with the most bonuses ever.
Like we just did in Orlando, each session will have a practical exercise for you to complete, so you can build your confidence in finding the exact type of setup you want to focus on. Easily by the event, all your TradeFinder activities will be directly from the charts, saving you huge amounts of time.
Watch today’s market review inside the members area here! To the left is the Watchlist area. To the right is the TV area.
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Remember, you can play the video at 1.25x or 1.5x speed if you want to save time! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.
