Trouble With the Curve

It's Time For Midday Momentum! CS, OXY, DVN, FRC, SCHW, WFC [Image](   [ARCHIVES]( LIVE]( [Twitter]( [Youtube]( [Instagram]( [Tiktok]( [Discord]( [LinkedIn]( [Burn the Charts!]( America’s #1 pattern trader has discovered a revolutionary new way to trade stocks – and it has nothing to do with price. Today, you can witness historic gains - found in hindsight - as high as 598% in 10 days and 1,200% in nine days… all without paying attention to stock price whatsoever. [Here’s the full story on this crazy new trading phenomenon](   March 16, 2023 Dear Reader Momentum is Red Today's market action has caught my attention, and we should keep an eye on what's coming down the pipeline for next week. Janet Yellen's testimony before the Senate Finance Committee may have reassured investors, but underlying systemic issues must be addressed. While the SPY may experience a short-term uptick, we must understand how the market works in bearish scenarios. The volatility of March 2020 illustrates this point. As momentum traders, we need to wait for big events that signal a shift in the market. Currently, the SPY is up 1.5% on the day, with the S&P 500 approaching 3990. But I'm not jumping in just yet - I'm waiting for the right moment to strike. And I suggest you do the same. It’s In the Numbers I'm not here to chase after every little thing that moves in the market. Instead, I focus on identifying where the market is headed and finding a bottom. By looking at the number of stocks that are up over a specific period, typically a month, and comparing their day-to-day price movement to their performance over a week, we can determine where the money is moving in and out and whether that capital is sustainable. This simple analysis tells us that recoveries are led by companies with solid earnings per share and a focus on fundamentals that are sustainable. Institutional capital comes back in, pushing these stocks higher and driving sentiment across the sectors. Using Finviz, we can break down the numbers by looking at mid-cap stocks with a market capitalization of around $2 billion or more. Out of the 1,917 publicly traded equities with a market cap of over $2 billion, 257 have dropped more than 10% in the last week, while only 24 have seen an increase. This 10% drop across the board is roughly half a billion dollars. Today's trading shows roughly the same number of companies up 5% as those down 5%. So although the S&P 500 is getting a slight boost, momentum is still negative, and we need to keep an eye on key support lines to see how serious this rally is. The Federal Reserve will meet next week to discuss raising interest rates, and a major curveball was thrown our way when the European Central Bank proceeded with a 50-point hike to its interest rate. This move is significant, given that Powell was speaking about an expected 50 basis point hike just two weeks ago. A 25-point hike is crucial at this point because it shows the resiliency of our banking system. Failure to take this step could signal to the global market that the US financial system isn't as robust as the European banking system, which would be a big blow. Additionally, the financial system is currently undergoing the largest banking bailout in 15 years, which is not just a bailout of individual banks, but rather the entire system. This move is meant to prevent a run on banks, and we need to monitor it closely. Before we take any long positions in the short-term, it's crucial we keep this in consideration. Cheers! Garrett {NAME}   IMPROVING SECTORS: Communication, Tech, Cyclicals, Financial   WEAKENING SECTORS: Energy   WATCHLIST: CS, OXY, DVN, FRC, SCHW, WFC   [YouTube]( [[ratio]  ]( [[ratio]  ]( [[ratio]  ](   Did you miss the show? 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