Hope you all are having a good weekend. Below we will be previewing the upcoming week and providing a Portfolio Update.
Format for what is covered in this weekly preview:
A look at the indices
Key upcoming economic events
Upcoming earnings reports
Charts
Notable portfolio changes from the previous week
Current Portfolio Holdings (Position size, cost basis, and commentary on each holding regarding the intended holding period and any planned activity)
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Indices
Dow Jones advanced 0.31% in the last week
S&P 500 declined 0.15% in the last week
Nasdaq Composite declined 0.61% in the last week
IWM declined 0.15% in the last week
Key upcoming events:
Monday, September 29
Pending Home Sales (August)
Dallas Fed Manufacturing Index (September)
Speeches from Federal Reserve Officials
Tuesday, September 30
S&P/Case-Shiller Home Price Index
JOLTS Job Openings (August)
Conference Board Consumer Confidence (September)
Wednesday, October 1
ADP Employment Change (September)
ISM Manufacturing PMI (September)
Construction Spending (August)
Thursday, October 2
Initial Jobless Claims
Factory Orders (August)
Friday, October 3
The September Jobs Report (Non-Farm Payrolls): This is the most significant release of the week. It includes:
Non-Farm Payrolls
Unemployment Rate
Average Hourly Earnings
Upcoming Earnings
Last week was a quiet week with no portfolio positions reporting. Likewise, no portfolio positions reporting this week.
Below is the infographic by Earnings Whispers for the upcoming week:
Charts
SPX
Sits currently at 6643.7, RSI 62.69, 2.58% above a rising 50SMA.
13.21% YTD
We had another week in which the S&P 500 made a new ATH, and 6699 was reached.
Distribution days in the last week: 1
BTC (currently Long)
Currently $112,294.42, -1.27% below the 50SMA and 7.31% above 200SMA.
18.9% YTD.
BTC is -1% on week but crucially is holding the 112k level (for now) which has been a support level.
BABA (currently Long at $72 average)
Currently trades at $171.91 RSI 71.86 and 47.44% above 200SMA.
+102.37%YTD
BABA has traded up for 8 weeks now and is amidst a stage 2 breakout. I stated last week that “my realistic target IF business remains robust plus upside catalysts play out like like US-China deal is 175-180. At this level would be ~17x 2027 earnings and a PEG of <1 still” We reached 180.16 this week from which we have pulled back.
I would not be surprised to see some digestion this week or back fill, before maybe before a move up to 220?
IREN (No position)
Currently trades at $41.86. RSI 67.24 and 204.97% (!) above 200SMA
300.19% YTD
IREN is a company that has pivoted from Bitcoin mining to hosting AI infrastructure recently. It has a market cap of ~11B and is expected to do ~1.2B revenue (which has been revised up from ~700M at the start of the year). This is a company I am looking at but difficult to buy 205% above the SMA 200.
Now we will take a look at notable portfolio changes from the previous week and then Current Portfolio Holdings (Position size, cost basis, and commentary on each holding regarding the intended holding period and any planned activity)
Notable portfolio changes in previous week (all updated live in subscriber channels):