We nailed the first three days of last week, as they continued the upward momentum bounce. Then, Thursday the market ran out of puff as a bond auction failed to deliver, and Friday couldn’t maintain its promising start to the day.
With earnings having kicked off, it’s likely to be a very choppy few weeks.
So, be super fussy. Many stocks are not behaving optimally, so you must ‘read the room’. The room is not so friendly right now, so be happy to be patient. Most trading mistakes come through a lack of patience.
Again, our Market Timing at least nailed the first few days of the week, and having a grasp of this can only help you improve.
That’s why I’m including our Market Timing service (OVI Markets Daily) with our Stocks Summit VIP membership. That’s a $2,364 bonus… for FREE.
Follow this link for details.
And just in case you skimmed over it earlier… Please be fussy and focus on clear Big Money Footprints near Key Levels. It is absolutely the best way to trade.
Market Outlook
After a predictable bounce, the market looks week and poised for downside. The only ‘hope’ is that earnings contains bullish surprises. JPM and WFC gapped up initially on their announcements but closed at their lows on Friday.
Watch the video at the foot of this email for more detail.
The Main Indices
The S&P has rebounded up off its 200-dma, while the QQQ has hit its head on its 20-dma with the 50-dma not far ahead.
The SPY, QQQ and DIA look like imminent waterfalls, while the IWM is looking even weaker.
Market Timers
Longer Term Market Timer (OVIs): Turned red due to the Indices Machine Learning component dropping hard after Friday’s close.
Medium Term Swing Timer: Emerging weakly out of oversold and bearish. Not enough juice to be encouraged about.
Index OVIs: The DIA, QQQ and SPY OVIs have flirted with a bit of blue, with the QQQ being the most encouraging, but more red is more likely unless earnings surprises en masse. The IWM has been the easiest to read by far, being unambiguously red.
Fast Filters Stock Selection
Again, we’ll be light on nuggets this week, so focus on those high-quality setups near Key Levels.
One of the filter combos I used today was on my own static watchlists, combining them with activity near the Key Levels.
Of all the Big Money Footprints, the three most important are OVI, Shrinking Retracements, and Key Levels. The others are also very helpful, but those three are the ones I look for first in the VIP section.
Watch the video for my list of stocks and my sentiment on each one.
Events
Our Stocks Summit in London on 2nd December will be the most practical ever, and with the most bonuses ever.
Each session will have a practical exercise for you to complete, so you can build your confidence in finding the exact type of setup you want to focus on. These practicals will include Market Timing and specific stock strategies and will only take 15-minutes for you to complete. This will give you the confidence to use our tools to their maximum potential while saving you huge amounts of time.
We’ll have the Foundation Day online the Saturday before the big event so we can focus on more of these practicals during the event.
Video analysis
Remember, you can play the video at 1.25x or 1.5x speed if you want to save time!
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