Welcome to the Weekly Game Plan! The 'MARA Lists' are updated in real-time. The 'Market Summary' is provided weekly. The 'Deep Dive Video' is the recording of our weekly Trading Prep DEEP DIVE.
MARKET MOOD: It really is incredible how quickly things can shift. Last week the market was bifurcated with very few bullish setups. This week we’ve got a different story! This week, the indexes consolidated tightly near their highs and many more stocks starting generating bullish setups. Not only that, the tight consolidation on the indexes produced near term layers of support and allowed some of the intermediate term moving averages (like the 21ema) to play catch up. This is constructive. Overall 18 bullish setups caught my eye from the Universe List and of those 18, 5 of them scored over a 7 on the Trade Gauntlet.
OVERALL DIRECTION: USS (Uptrend on monthly, Sideways on weekly and Sideways on daily time frames)
NEW HIGHS vs NEW LOWS: This week while the indexes consolidated, the number of stocks hitting fresh highs ramped up, hitting the 90s on Monday and Wednesday. This adds to the constructive tone of the consolidation and shows leadership bubbling under the surface.
PORTFOLIO MANAGEMENT: I’m still in cash right now. I missed both entries last week on TSLA and TTD. As I review my journal from last week (not just a trade journal but an evening journal outlining the events of the day, my thoughts and feelings, things I’m grateful for etc…) I was on tilt a bit…meaning I wasn’t in the right frame of mind for trading. When this happens, rather than pressing forward I’ll take time off and not trade. The market is an infinite stream of opportunity and money isn’t made but just taking great trades but by managing them well. I’m looking forward to getting back on track this week and will be taking on 2-3% capital risk.
There are several solid-looking bullish setups this week. 5 of them scored over a 7 on the Trade Gauntlet. Those include AAXN, AMD, AMRC, NOW, and XPEL.
I’m putting orders in for AAXN, AMD, and XPEL. Here are my notes: https://docs.google.com/spreadsheets/d/1qhcUSA5mVw7KAW5k_fMFj0HRsW5wn30Y69ZxbaWQvYk/edit?usp=sharing
Best Selling Author – Trading Coach – Creator of the Trade Gauntlet – Founder of MaraWealth.com
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