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)
If it is your first time here, check out the post below on how to navigate the SixSigmaCapital Website and subscribe to the option that suits
Indices
Dow Jones advanced 0.95% in the last week
S&P 500 advanced 0.86%% in the last week
Nasdaq Composite advanced 1.66% in the last week
IWM advanced 1.64% in the last week
Key upcoming events:
Tuesday, September 23
Flash S&P Global PMIs (September)
Consumer Confidence (September)
Wednesday, September 24
New Home Sales (August)
Thursday, September 25
GDP (Q2 - Final Reading)
Durable Goods Orders (August)
Weekly Initial Jobless Claims
Friday, September 26
Personal Consumption Expenditures (PCE) Price Index (August):
The PCE index is the Federal Reserve's preferred measure of inflation and Core PCE" is particularly influential on the Fed's interest rate policy.
Personal Income and Spending (August):
The main event of the week is the PCE on Friday
Upcoming Earnings
Last week was a very quiet week with no portfolio positions reporting. Likewise, no portfolio positions reporting this week. COST will be an interesting report to follow on Thursday.
Below is the infographic by Earnings Whispers for the upcoming week:
Charts
SPX
Sits currently at 6664.36, RSI 72.37, 3.78% above a rising 50SMA.
13.56% YTD
We had another week in which the S&P 500 made a new ATH, and 6666 was reached.
Distribution days in the last week: 0
BTC (currently Long)
Currently $115,549.39, +0.9% above the 50SMA and 11.57% above 200SMA.
22.29% YTD.
BTC is almost flat on the week but has crucially held the 112k level which has been a support level.
BABA (currently Long)
Currently trades at $162.81 RSI 72.84 and 42.29% above 200SMA.
+91.65%YTD
BABA has traded up for 7 weeks now and looks to be amidst a stage 2 breakout. I had 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.
On a personal note, I reduced my BABA position recently with trims at 150, 156 and 166. I am now only left with my core shares from December 2023 at average of $72 which I am holding.
TSLA (No position L/S)
Currently trades at $426.07. RSI 76.45 and 28.04% above 200SMA.
+12.34% YTD
Regular readers would notice that Tesla has featured for 4 weeks in a row now given we felt Tesla was a high likelihood candidate for a breakout since was percolating around 330.
Commentary from last week was: “TSLA stock has been range for the last 4 months oscillating between 280 and 365 but now price action is starting to compress…
I still see TSLA testing near term resistance of 365-368 above and if that range is broken cleanly, a run to 420 could be next”
The stock broke out on above average volume and the 420 level was reached this week. As 420 has been surpassed, then 480 is in play. Although if I personally was in the stock, probably would take partials here (NFA!). Congrats to all who are participating.
OKLO (No position)
Currently trades at $135.23. RSI 87.52 and 200.74% above 200SMA.
518.9% YTD
OKLO is a “nuclear technology company” with a market cap of 20B and had no revenue last year, non expected this year or the next. It expected to achieve 14M in revenue in 2027. The stock is up 518.9% YTD and 1507.97% in the last year. Whilst it is having a great moment these charts only resolve one way.
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):
Exited my HIMS trade for +23%
Exited ADBE for +7%