Weekly PrimeTrading Newsletter 🍁 - Week27
PrimeTrading Market update & Focuslist🍁
Disclaimer: The information contained in this text is not financial or investing advice.
You can access my infamous Excel spreadsheet which contains my current 290 stock watchlist.
You can navigate the spreadsheet and sort the list by any metrics you’ll want. Setups, Fundamental, Technical, Prime score, 1M return, 1M Relative Strength…etc
I’ll update the watchlist on a weekly basis.
General Market Review
QQQ
Solid week for the QQQ’s as we pushed as expected in last week Newsletter. However, I pullback is to be expected here. We are 5% extended for the 10WMA and this is historicaly a typical extension before getting a short-term pullback. We’ve had a couple 10% extension from the 10WMA in 2020, but I would not consider it normal action and between 5-7% is typical in a bull market.
QQQ's
IWO
Smallcap growth is a very different story. We really struggled to make a higher high and been hammered friday. This is the type of action that make me defensive at least and I would like to see 309$ pivot hold early next week and maybe base a little here before making a new high. First 2 trading days will really be decisive here.
IWO
IWM
Smallcap non-growth is really lagging right now just like IWO. However, it is still holding the 10WMA and squeezing in that wedge for now. Either up or down out of that wedge will tell us a lot, but I would not be surprise we break on the upside this week and follow the other indexes.
Otherwise, I will really begin to be defensive.
IWM
Current market really seems to be running on larger cap stocks again. Smallcap growth are getting extended and we saw very big selling volume friday.
Market breath also seems to lag the QQQ’s as we are trending lower and have only 50% of the stocks above their 50DMA. That’s a divergence that don’t concern me now, but that I will track in the next week.
QQQ stocks above 50sma
Current swing positions
You can see my Tweeter feed to see my current positions annotations, but here is my current holdings and position size for now.
RVLV (+18.77%)
I’ll be looking to had exposure progressively next week as I’ve closed a lot of open positions and have around 80% cash. Thanks to my RVLV, I’ll be looking to start positions for up to 40% exposure early next week. If I get traction, I’ll be open to put more exposure.
I plan to make an explantion of my progressive exposure rules in a future Newsletter.
FocusList & actionnable ideas
FocusList names
HUT
New name that I picked up friday in the daily scans. Despite the red market, this name have put a new 1M high and volume in the last 3 days is crazy.
I would consider this to be a breakout out of a stage1 base with the 4.75 pivot break. However, it will probably gap up tuesday and I don’t want to chase here.
I would wait for a pullback before entering this name.
HUT
BTU
Very powerful setup here as we consolidated for the last 4 weeks and supported by the 10WMA. Last ER leg was 132%, so I think this can really be a good powerful move out of that base here.
A break above 8.70 would trig my entry.
High in Focuslist for next week
BTU
TBIO
Solid push in the last 2W that has bring that name on my radar. We just had a 57% thrust, so I would definitly not enter now as we are very much extended.
The name is not watch for a pullback that could give us an entry. A retest of the 25.40 pivot would a great place to initiate a position imo. Might be late next week, or the week after, we’ll see!
TBIO
RIG
Wow, nice 22 weeks base that we just brokeout last week. I like how we pullbacked right at the 10WMA before finding good buyers to breakout the base. This name can really run hard after an initial 600%+ run off the march lows.
I will be interested to enter at the open tuesday depe nding if we gap up or not. Last 2 weeks volume was too high not to be a significant move.
RIG
UPWK
Broke out of 51.75% low cheat area 2w ago and we challenged 58.79 pivot last week. We rejected the level 3 times, and each time on lower volume, which is indicating that we might work through supply fast and probably put a breakout this week.
Alert is set, if we break that pivot, I’m interested to test the waters.
UPWK
TPX
Broke out of a 15w consolidation last week on very good volume off the 10WMA.
I like to enter these breakout on the first reaction. I’ll wait for a pullback to 10DMA and look for constructive action around it to position into the stock. We could also see a retest of the breakout at 40$ which would be a good point to put a position.
TPX
GRWG
Very similar setup as AA. Wedge break this week on above average volume from the 10WMA retest. We are working a first consolidation zone which I would be interested to initiate at the 51$ pivot break.
GRWG
RLGY
Seems to work his way out of a 19 weeks consolidation. Found good support both at the 17.45$ pivot and 10WMA last week.
Not been able to breakout friday and rejected the level on lower volume than previous days. Setup not dead for me here, we might put a 2nd or 3th attempt here before a sucessful BO.
I’ll watch action around this 18.94$ pivot and will look to enter at the breakout this week.
RLGY
SLCA
I like how we’ve been supported at the 20WMA during this 16 weeks consolidation.
This name is showing good insider buying in the recent months and we might be ready to get another leg up from here.
I’ll be looking to enter at the 12.98 pivot retest
SLCA
POWW
I might have closed my position, we I still love the fundamentals and story of this stock. We did not have the breakout I was expecting, but the chart is far from being broken here.
If we get a good reversal at the 8.98 level early next week, I’ll retry to open my position for sure.
POWW
I need you're feedback!
Thanks for taking the time to download the PrimeTrading NewsLetter. I plan to issue one letter per week with the following subjects.
General Market review (QQQ, IWO,IWM,SPY)
Current PrimeTrading Watchlist Excel review
Weekly Focuslist with actionnable ideas
Current holdings with BAR by BAR update - The goal here is to begin teaching one of the most important subject imo that NOBODY is talking about on twitter. MANAGING OPEN POSITIONS (On twitter feed for now)
I would highly appreciate if you could DM me with constructive feedback or new idea for that newsletter.
Cheers!
Alex
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