Summer Correction just Started?
Update - August 6th 2023
Very quick update as I am travelling right now.
Last week, the market experienced a negative week, raising questions about the duration of this correction.
Viewing this possible correction as a normal pullback within the context of an uptrend seems sensible until proven otherwise.
In the upcoming week, we will receive the inflation data for July, expected to be slightly higher than June. Should the number come in too hot, it could lead to more selling pressure.
In this new context, the energy sector holds potential for the next upward move, supported by rising oil prices and solid demand. Here are a few names from the energy sector on my watchlist: ESTE 0.00%↑ , PR 0.00%↑ and LBRT 0.00%↑
Below id the RSP 0.00%↑ chart, and we must observe whether we stay within the box or experience a false breakout. If things go well, a reversal within the box might occur, leading to no more than a -3% to -5% correction from the current level. Let's keep a close eye on its development.
MY 10X MOMENTUM PORTFOLIOS
LARGE CAPS
I was stopped-out from OTEX 0.00%↑ for a small loss of 2.4%
I raised my Stop Loss as sown in the table below.
SMALL CAPS
My QSI 0.00%↑ and GENI 0.00%↑ buy stop orders were triggered last week
I raised my Stop losses for all positions (details in the table below)
I am not making any moves this coming week, as it might be very volatile.
Let's observe while I have all my stop losses in place.
Have a great week ahead!
-
Important: this is not investment advice. Consult a licensed financial advisor before making any investment decision.