Arete Trading Weekly Report

🔥Is the correction over already? 🦃

We started the week off with a slow grind down that turned into an avalanche by the end of Monday. By Tuesday morning we were in a full blown panic with pundits stating the correction is coming. By 2pm the same day we bounced decisively off the 21 day moving averages on the QQQ and SPY. We also saw several stocks hold their respective support levels. Today those levels were tested against on several names and we not only held. We bounced and had follow through. The important thing to remember is focus on what is happening not what we think is going to happen. Right now the selling peaks this week may be enough for this to be considered over. We could simply grind higher on the indexes until the end of the year. The bottom line is no one knows. Personally I think with the amount of fund managers behind their benchmarks on the year , we continue to rally. Even the IWM, which has been the weakest held the 50 day moving average. Right now my focus remains large cap growth stocks until the end of the year. If you look at the performance today you can see inflows clearly into mega caps. Friday is a half day and very light volume . We close at 1 pm. Key Levels are on the charts!

Let’s Look at our Indexes!

Let’s Look at our Stocks!

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