Alex's daily Market update & Focuslist - 12/12
We shrugged off the CPI reaction and rested, waiting for tomorrow’s FOMC event.
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Tonight’s daily report content
PrimeTrading Market Model #PTMM
General Market Analysis: NASDAQ - S&P 500 - RUSSEL 2K - OTHERS, including my daily levels & my bullish and bearish scenarios
Market Internals
Sectors & Themes Analysis
Daily Focuslist including setups, alert levels & explanation (long & short)
Leaders list + Scans (technicals, fundamentals & potential TMLs)
My Portfolio Update
Economic Calendar
PrimeTrading Market Model #PTMM
PTMM remains on a YELLOW market signal (🟨)
Key Takeaways:
GDB closed at -32 as we shrugged off the CPI reaction and rested, waiting for tomorrow’s FOMC event.
Flat day overall
Daily negative momentum seems to have built up in the last three days.
MT_momo is on his 2nd consecutive 0 down -25% stock in the universe. That’s extreme reading and extended market indication.
The strong trend continues above all kma’s.
Only the 50>200dma is missing for PTMM to switch to a FULL GREEN signal. (tomorrow, if there is a good FOMC reaction)
This was a pretty uneventful CPI reaction for the broad market, but the mega-caps & near 52w highs stocks led the major indices to new highs today. Which in itself confirms the still powerful trend.
I remain aware & cautious about this extended and overbought condition (MMFI/MMTW/MT_momo/MCSI, etc.), but as setups keep showing up, VIX & CS are breaking their last year’s base levels. New highs are made in leading sectors & themes; we have to follow price action & setups by keeping risk tight at the PF level.
One position at a time.
System Action/Rules:
LONG exposure allowed
1/2 positions only (10%)
Trimming 1/3 at 2R & 3R
Keeping 1/3 as a runner position
PF exposure max = 50%
New open risk > - 0.50%
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