Arete Trading Weekly Report
Major Volatility and Failed Breakouts.🏃♂️📈📉
Major swings and failed breakouts were the norm today.We saw several stocks break out of major bases only to fall back. Primarily this happened in the secondary names but it was wide spread. UPST broke out of its base to rise up to test $134.50 only to hit resistance and roll right back to almost breakeven. This is pretty standard for this week. We had light volume overall today to do the holiday weekend. On top of that we had the end of the quarter and month today. This leads to several imbalances as people position themselves for the future. Software was weak today after a major run up. There was no structure damage done today simply profit taking. We saw the SOXX , semiconductors index, reverse from being down to profitable. It closed at a new high of $454.22. We had earnings this evening from MU which were excellent. Also AMD received positive news about their dealings with XLNX. Also look at NVDA and the strength it is showing even when certain sectors of tech sell down. Overall the indexes look great the QQQ look the best and is seeing the majority of inflows. The smaller cap names represented by IWM , russell 2000, continue to base or sell down. Best to focus on where the money is going and not swim against the tide. Key levels are marked on the charts! Let’s get to it !
Lets looks at our charts !
Subscribe to YouTube! 👈Subscribe and turn on notifications. There are actionable ideas in the video tonight. $AMD and $SPCE are very interesting.Every weekday I do a premarket live show at 8:45 am and a post-market taped recap and plan for the next day
As always all investment decisions need to be made by the individual. We all have different risk profiles.No two people trade the same. Understand the buy points, stop losses, trims are suggestions. You need to develop your own process. I am willing to help. If you have questions message me. For example, to stop losses, I like to see them close. That does not mean that fits everyone’s risk profile.
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Wishing everyone Massive Success
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