Hey Folks,
It’s truthfully been an uneventful week, to say the least. Other than the UBER catalyst position, some stocks have given back or round-tripped gains from pivots. Quantum and nuclear names continue to pull back, and the big question in those two sectors is:
Are they going to find buyers and base for a while?
Or are they finally going to start rolling over?
It seems we’re in a market where things are much more selective. I continue to favor growth-ier names or themes that show strong linear momentum (think: $HOOD, $PLTR, $CRDO recently) over names that just grind higher (like $CRWD, $SPOT).
For anyone new here:
I post in-depth Stocks in Play reports twice a week. Subscribers receive nightly watchlists, while my daily reviews are shared for free.
Hope you find value in these updates!
Indexes
QQQ — Closing right up against all-time highs. Breadth was down, but that’s a result of the choppiness we’ve been seeing. Aside from a select few names, it's been a choppy environment for new positions.
SPY — Still has some catching up to do. The bright side: Nasdaq is leading, which is typically bullish.
IWM — Struggling with the 200-day moving average.
$ARKK – A strong, linear move off its recent pivot. Now working through a large base. Back in a Stage 2 uptrend.
Individual Stocks
The common theme across these names: they need more sideways action.
$DAVE – A great hold since the May EP. With the market recovering from a correction, it gained solid traction. Still worth watching if it digests and forms a new pivot.
$RKLB – Despite a bearish engulfing day today, continued sideways action could lead to a daily cup-and-handle setup. Needs work.
$ASTS – Huge move. Impressive strength today, especially considering the offering news. Some chop here would be healthy.
$MP – Nice move off the lows. Setting up along the rising 10 EMA. Recent accumulation is encouraging.
