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: YELLOW
The summary below is my interpretation of the data in the ‘Market Mood Log’ above:
Short pullbacks in a strong uptrend: That’s the story pretty much across the board. Both the S&P 500 and NASDAQ are finding support along the 5ema and have done so for about 2 weeks now. That’s impressive for an index. Volume is building to the upside as the indexes rebound off support on the pullbacks.
New highs out pacing new lows but not by much: Its still kind of wonky on the NASDAQ. Friday saw 114 new highs and -43 new lows. Better but I’d like to see new lows continue to dry up before shifting back to a green condition.
More distribution fell off the count this week. 1 distribution day came back on the count. The market quickly rebounded right after it on slightly heavier volume. This tells me that for now, the bulls are in control and are buying the dips.
There are 64 stocks total on the trade ideas list. There are many good looking setups but most of them have earnings reporting this week.
9 out of 10 of my open trades are in profit. I’m letting them work and looking for spots to add.
Over my last 10 closed trades, my batting avg is back to 50%.
HOW I’M PLAYING THIS HAND: COIN has a potential flag setup with earnings a week and a half away. I’m looking to add to my current position if it breaks out. I also like SI here. The setup is aggressive. I’m playing both of these on the smaller side. Other setups are looking solid like GOOGL and AKA. I’m close to being maxed out so I want to be extra selective until more room opens up in my portfolio. Seeing as we’re in the middle of a strong uptrend, I’d prefer to do add-on buys to current winners than add new. If I’m adding new positions, the setup needs to be great and so does the the theme.
Best Selling Author – Trading Coach – Creator of the Trade Gauntlet – Founder of MaraWealth.com
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