February 10th Market Re-cap

The markets did especially well this week as there were quite a few runners and stocks that I had my eye on made reciprocating movements. Both $SPY and $X are at the top of their ranges, $SPY is even setting highs that are attracting loads of new buyers. My prediction is that with the growing season these stocks will continue to push higher through the coming weeks.

$TSLA is another company that has had a lot of commotion around and it certainly proved profitable as it soared to prices that we haven’t seen in months. This stock is one to pay attention to as it has made huge run-ups in the past. A stock that has a notorious history of making big moves in short periods of time is placed on most traders watchlists and trades heavily through all times of the day.

$QQQ is another technology company that displayed strength all throughout its last 52 week period and is continuing to follow an up trend. This stock proves well for those who swing trade because it is a slower moving stock. When observing its charts, it is best to pay attention to the daily spectrum instead of the intraday range because you can see a more streamlined projection of where the stock is headed. One thing to pay attention to with the risk management of this stock, is the fact that this stock has been on the rise for several days straight. While that shows great strength, it is known that stocks need to retract and consolidate for a few days before continuing to rise.

Looking at the broader spectrum of the market, one can observe how the core averages are doing. The DOW is still running itself upwards and is pushing to heights that we have never seen before. This shows great strength with the market. The S&P500 is also following suit. These indicators show the general trend of the market and make much slower moves than smaller companies below it, and as we rise at such a quick rate, there is always the concern of another 2008 repeat. As long as the trader keeps their eyes open for signs to sell than there is little risk in this growing market and a lot of profits are available for the reaping.

With the coming week, we are hoping to see $SPY continue its run as well as $QQQ. We are also paying some attention to $NVDA and $CENX as they are showing signs of a near breakout. $AAA and $BLUE also display a short period of consolidation while usually trails a breakout. $CENX is also a previous runner and shows a lot of pent up potential for a breakout. Another thing to note with that indicator is it is priced lower than the others which adds into risk. Small stocks are likely to blow up and make a parabolic move upwards which can be enticing until it comes down just as fast. Overall the upcoming week looks promising with endless opportunity for profit.