Trading charts for Wednesday, March 1st
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Good morning and Happy Wednesday,
Yesterday was another whipsaw day for the markets, each of the indexes closing near their lows of the day. I certainly don’t stalk the indexes all day but if you’re trading (day, swing or position) it’s important that the indexes are trending higher otherwise many of your trades won’t work and you’ll just get stopped out of positions. This was certainly the case for a large portion of February which was the opposite of what happened in January.
January was the time to press your longs and February was the time to sit on your cash. I’m not confident these markets are ready to begin a new uptrend because I don’t see any significant catalyst on the horizon but that doesn’t mean they can’t climb the proverbial “wall of worry”.
Next payroll/jobs report is Friday, March 10th [click here].
Next CPI/inflation report is Tuesday, March 14th [click here].
Both of these reports have the potential to spark a significant selloff or rally in the indexes.
We still have lots of earnings on tap for today and tomorrow. The one’s I’ll be watching closest today are CELH, SNOW, and YOU.
Here’s my recent interview with Marty Chargin:
You can subscribe to this podcast at investingwiththewhales.substack.com
Here’s my spreadsheet of the stocks with best reactions and gap ups from Q4 earnings: https://docs.google.com/spreadsheets/d/1qLy5c6Rq_MGvOT4LbChyaKT1P29j7uhutYo9XCmKLu8/edit#gid=0
Below the paywall is my current trading portfolio (14 stocks, ~56% invested) and watchlist (16 stocks with charts) including a link to my trading portfolio spreadsheet (with entry prices, position sizes, stop losses, win/loss rates). You also get links to my two daily Zoom sessions at 10:30am EST and 3:30pm EST where I review charts for both my portfolios plus my watchlist stocks and explain where & why I started new trading positions or closed out existing ones.