Trading the Charts for Friday, May 19th
In addition to my “Trading the Charts” newsletter, below are a few more newsletters that I publish plus my Investing with the Whales podcast, my Stocktwits room, my Seeking Alpha investment service and my new Twitter Spaces coming soon.
I also run a Stocktwits room where I’m very active throughout the day and post about both of my portfolios with 100% transparency. FWIW, I’m up 48.5% YTD thanks to huge gains with CELH, LNTH, UBER, ONON, TSLA, SDGR, MELI, GLBE, SWAV, XPOF, FLNC, NU and several others. You can join by clicking the button below:
Good morning and Happy Friday,
I’m currently above 100% invested in my trading portfolio but that’s what you want when the markets/indexes are moving higher and breaking out of their trading ranges (SPY, QQQ, etc). I’ll stay “risk on” as long as my positions are working while raising my stop losses when appropriate to protect my gains. For instance, yesterday morning I raised my stops on several of my positions so I finally got stopped out of CELH (60.6% gain), PLTR (21.6% gain) and TH (17.4% gain) but that’s fine because I have plenty of other positions that are just starting to breakout now and could give me 15-25% moves over the next couple weeks.
I’m willing to stay more aggressive right now with # of positions and overall exposure because we’re mostly out of earnings seasons and we don’t get any big macro stuff (CPI, jobs, etc) for another couple weeks with the next FOMC meeting on June 14th. It’s worth noting that the probability of another FOMC rate hike at the June meeting is up to 36% when it was only 4% a week or two ago.
SPX breaking out yesterday above the recent highs (May 1st) and putting in a new closing high for 2023. Next target would be the unfilled gap at 4218 from last summer.
Equal weighted S&P has certainly underperformed SPY (market cap weighted), pushing through the 200d sma yesterday with the 50d ema up next.
Nasdaq (QQQ) has been the big outperformer this year thanks to huge moves from AAPL, MSFT, GOOG, AMZN, NVDA, META, etc and yesterday it took out the highs from last summer. Next up is the unfilled gap from April 2022.
QQQE (Equal weighted QQQ) is starting to catchup to QQQ and that big DTL breakout yesterday is helping. Yesterday it ran into resistance at the high from March 31st but after that the target would is the Feb 2nd high.
IWM pushing through the 50d ema yesterday, now less than 2% below the 200d sma
IWO got rejected yesterday at the 200d ema, it would be pretty bullish for growth stocks if we can push through today and closing above the 200d ema would probably get fund managers to start adding risk and reducing hedges on their growth stocks especially small/mid cap growth.
ARKK finally pushed through the 200d sma yesterday, now up against the VWAP from February high, if it can push through the VWAP and 39.42 then there’s a few more spots where it might run into resistance before getting to the 200d ema which is 8% higher from here.
Below the paywall is my current trading portfolio (with positions, sizes, entry price, stop loss, etc), current watchlist and links to my daily Zoom webcasts.