Hope you all had a good weekend. Below we will be previewing the upcoming week.
Format will be: A look at the Indices, key upcoming events, Upcoming Earnings reports, interesting charts/set-ups and finally a look at notable portfolio changes in the previous week.
Indices
Dow Jones advanced 0.13% the last week
S&P 500 advanced 0.76% in the last week
Nasdaq Composite advanced 1.48% in the last week
IWM advance 0.32% in the last week
Key upcoming events:
Monday
CB Leading Index (provides an outlook on US economy)
Tuesday
Federal Reserve Speeches: including Fed Chair Powell.
Richmond Fed Manufacturing Index: an early indicator for the broader national manufacturing PMI on Thursday.
Wednesday
Existing Home Sales: Provides a look into health of the housing sector and consumer confidence
Thursday
S&P Global Flash U.S. Manufacturing & Services PMIs: an indicator of economic health (manufacturing and services). PMI >50 indicates expansion and <50 noting contraction.
New Home Sales
Friday
Durable Goods Orders
Upcoming Earnings
Earnings Season kicked off in earnest last week with the Banks reporting. This week we have a packed schedule and below is infographic by Earnings Whispers for the upcoming week. Notable ones for me are on Wednesday with TSLA, GOOGL, NOW and IBM!
Charts
SPX
Sits currently at 6296.79, RSI 69.02. 4.45% above a rising 50SMA.
Advanced 0.76% for the week.
In a strong uptrend and not technically extended vs key MA’s.
BTC (currently Long)
Currently $118, 450. 18.6% above 50SMA and 21% above 200SMA.
25.44% YTD.
All Key MA’s up-trending and the chart had shown steady accumulation since April, during which time it did show RS also. So, it is no surprise we broke above and held prev ATH of 111,980 (as stated last weekend). A multi-week breakout will continue to be a huge boon for crypto equities and we have seen that this week with huge rallies in crypto themed stocks. We did partake.
COIN (Currently Long)
It was pitched by myself at $207 less than 2 months ago saying 300 is in play but in fact we actually reached 440’s in the last week! Overall, COIN had another robust week finishing +6.81% and another ATH weekly close.
At $419.8 it is now 41.8% above 50SMA and 67% above 200SMA.
Ethereum (Currently Long)
Currently 3760, RSI 87.43 and 51.7% above 200SMA.
Pitched at $2400 on June 29th and has had a robust move up.
Could find supply at 4k.
STNE (Currently Long)
Currently $13.67, RSI of 36.6. Has broken below the SMA 50.
Selling off from mid 16’s to 13’s on low volume, likely as a result of the 50% Tariffs threat by Trump.
I reduced 15% of shares at 16.2 last week but ultimately stock remains very cheap and set up is compelling longer term. Will be watching to see if chart can set-up again.
Notable portfolio changes in previous week:
Initiated TGEN position at $5.8 Thursday PM and Friday AM premarket- it actually popped >38% the same day so sold 40% of shares at average of 7.92. “Bird in the Hand is worth two in the Bush”. Will add more when it settles.
Added to both PAGS (7.9 and 8) and STNE (14.6 and 13.8) on Friday.
Reduced COIN at 410 and 440 via limit sales. Now have 75% of shares remaining.
Closed all CRCL from 174 at 220. It did run to >250 but was all out by then.
Closed all BTBT which we had entered last week at 3.4’s at $4.3 and $4.4. Worked out really nice (see below which was from last weeks update)
As always, I will post any live portfolio updates as we go along in the subscriber chat.
Thank you for reading, ensure to subscribe to the plan that suits and see you for the next one!