Uptrend Continues as Breakout Looms, Tech and Industrial Sectors Shine

Update July 16 2023

Very quick update for the week.

The market remains in an uptrend and the SP500 Equal weight is flirting with the highs from February. We may see a breakout or a failed breakout over the next session. Let’s see.

The tech sector keeps doing very well too. See below the Nasdaq 100 Equal Weight that broke out some weeks ago.

The same goes for the Industrial Sector:

and the Consumer Discretionary sector:

All in all, this looks more and more like a market that is in an uptrend and is not fearing a recession at all.

Macro

Inflation data delivered a slightly better outcome than expected, with the year-on-year level at a modest 3%. This marks a significant decline from the previous year's 9% figure.

While the Federal Reserve appears to be easing its tightening efforts, the full impact of past year's tightening will unfold in the coming months. The possibility of a recession scenario resurfacing cannot be ruled out entirely, although it seems unlikely at present.

PORTFOLIOS

10X LARGE CAP MOMENTUM POT (link)

I am raising my Stop Loss for AMAT 0.00%↑ to $127.5 and everything else stays the same.

10X SMALL CAP MOMENTUM POT

I was Kicked Out from $INTT, my best trade so far for a +55% gain in 6 months. I was also kicked out from SURG 0.00%↑ for a 16% loss.

Here I am raising the following 2 Stop Loss orders:

• $OPRA to $17.97

• $CREX to $2.69

I am left with 4 positions in my POT and I am not adding anything this week.

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Important: this is not investment advice. Consult a licensed financial advisor before making any investment decision.