Chopped potatoes and a side of gravy! 😋
Yup! That’s what its feeling like to me.
Across indexes and timeframes, overall we’ve got sideways action across the board. Just take a look at the monthly, weekly, and daily charts of the indexes. The one that’s arguably in an uptrend & leading the way is NYSE right now…haven’t said that in a long time!
Despite the choppiness, the number of stocks making new highs actually increased while stocks making new lows are in the low single digits! Interesting action! Doesn’t quite have the feel of a market that’s getting ready to roll over despite some choppiness in both the indexes and in the portfolio.
Then looking at the setups this week, we actually have some strong contenders! I found 14 setups, about 10% of my ‘interesting ideas’ list…not a ton but a decent amount. What has me interested is that 4 scored 6.9 or higher!
ACTION LIST: 4 strong candidates popped out at me this week. With the chop that’s happening in the market and in my portfolio I still only want to risk 2% capital max next week. Therefore, I’m only going to put 0.5% capital risk on each of these ideas.
Here are my notes on each: https://docs.google.com/spreadsheets/d/1LD4u028AEFZJ_nVji-EHzCUYb3x2XvDxOKTDHYAPLAo/edit?usp=sharing
- Mara Trader ‘Weekend Assessment’ Sheet
- Trader’s Mindchat Room (free 7 day trial)
- Trade Emotionator (free position size calculator)
- TrendSpider (charts)
- EdgeWonk (trading journal)
- Options Geek (options EDU + new options chain)
- TradingView (charts)
- TradingView Pine Script Codes (free)
- TradingView Settings (screen shots)
- Favorite Trading Books
- Market Smith