A big thank you to everyone who made the Miami event such a success!
More enhancements will be deployed over the coming weeks, and we’ll be hosting Masterminds quickly so we can consolidate the learnings and optimise our use of the software tools.
The markets
Some headline grabbers from the good (tech giants) to the bad (regional banks). From a broad perspective it’s a mixed bag, but the main indices are influenced heavily by the biggest stocks. Just look at the DIA, SPY and QQQ, and then compare them with the IWM. It’s easy to see the contrast between large caps and the rest.
This could be a case of new leadership, which hauls the markets into bright new horizons, or it could be a sign of limited short-term upside (my hunch). That said, high quality individual stock setups are always worth considering, and with our ever-improving tools you can find them with ease.
As I go through my regular process, I still see the large caps having more upside potential, but I prefer not to chase the ones that have gapped up and gone parabolic … even though last week that might have been fruitful! Typically the parabolic party only lasts for a limited time.
Previous week’s nuggets have done well, and there a couple more this week.
Market Outlook:
More short term upside is likely for the leaders, and earnings will have big say, but it’s interesting to see that so far, pre-earnings bullishness is not being matched by post earnings performance. Look at the Pre- and Post-earnings pies in OVI Markets Daily!
Watch the video for more detail.
The Main Indices:
The SPY looked like trouble was brewing until it recovered strongly on Thursday and Friday. The DIA and QQQ look ok, while the IWM is languishing below Key Levels.
Market Timers:
- Longer Term Market Timer (OVIsi): Still half-green and inching closer to a full green circle, though likely to stay half-green this week.
- Medium Term Swing Timer: Positive and not overbought.
- SPY OVI: Still barely participating. This tells me that WHEN this mini cycle becomes overbought, there could be some strong selling action. We’re not there yet, but keep that in mind.
Fast Filters Stock Selection:
Again, I urge you to focus on Big Money Footprint setups around the Key Levels. Even in sub-optimal market conditions, you’ll see they provide the safest setups, and we have excellent filters to find them.
In Miami one of our focuses was on “great value” options on stocks setting up nicely for our bread & butter strategy.
Here is a smaller list of stocks that look interesting for our consideration. Remember to reference the video so you know what my sentiment is on each one:
ABT ADBE AFL APP ARE ARKK CL DLTR ICE JKHY LTHM LVS MA MRTX NEE NEM NOG PAGS PNR SNCY SNY STZ TRV TSN VFC WWE
Software Upgrades:
The new sidebar OptionEasy Analyzer and Pricer are a massive time-saver if you want to analyse an options strategy.
During the Review I did spot a wrinkle in the “Scenarios” app, which we’ll fix tomorrow.
Further tweaks and fixes will be made quickly as we move onto the next round of upgrades. This year will see the biggest changes ever, including brand new charts and a host of benefits they will bring.
The Shrinking Retracements filter is already paying huge dividends, and will be a vital part of our approach moving forward. We’ll include it for the London event.
Soon, I’ll also talk more about the oversold and overbought indicators.
During the summer we’ll release a whole new Journal app with an inbuilt calculator for you to be in control of risk at all times. We’ll also consolidate the existing Journal functions into just one convenient place.
Then there will be the TV component so you can watch our education content or your mentors right next to the chart you’re looking at. And then the charts.
Stay in touch to discover more as we unveil best-of-breed applications!
Events:
Miami Beach was fantastic – the last of its kind. Feedback was excellent and next year’s version will include significantly more time for practicals, not to mention a different location.
Next up is the Stocks Summit in London on 2nd December for which huge new releases will be made, completing our transition to fintech and even better functions to help you make better more precise trades. We’ll also do a Foundation Day online the Saturday beforehand.
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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.
