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MAY 8, 2024REVENGE OF THE SMITH My Favorite Trade On The SPY And QQQ From This Week You don’t need me to tell you that the markets have been a mess over the last few weeks. A Fed meeting compounded by earnings — there’s a lot of uncertainty leading to many fast overreactions. Remember a few weeks ago, when META’s earnings report tanked the whole stock market… Only for GOOG to post incredible earnings the very next day and send things moving the other direction. When markets are this confused, one thing that you have to be able to do is read relative strength. The Nasdaq is volatile right now. It is unpredictable. Though it has been the kingmaker for many months, right now, it is in a period of uncertainty… And it’s been weaker than the S&P over recent months. Just look at the side-by-side… Strongly correlated, but the SPY has been the stronger index recently. Even so, trying to guess on one or the other, and being correct on direction, is a tough ask right now. But there’s one play I LOVE in these kinds of situations… And I want to talk you through it, because it’s perfect for markets like this. — Geof Smith Gold Is Hot! Gold has been on a record run so far this year… But don’t waste your time buying and holding! Because Jeffry Turnmire has been working on a secret weekend gold trade… and it’s now FINALLY ready for public release! Click here to join him free for the LIVE reveal!GUY COHEN’S TRADE RADAR As Predicted, a Choppy Earnings Last week’s forecast of a choppy earnings season was accurate, with market direction being ambiguous. This week we need to see if there’s any follow through from Friday’s bounce. Until then, it’s premature to commit to a definitive market direction. As per last week, there are a few decent individual setups that we can look into more closely. Several played out very well, including BIDU and BABA, which we highlighted uncannily, though their gap-ups made entries tricky. And as I’ve mentioned over the past few weeks, my expectation that this market pullback would NOT turn into a capitulation looks well judged. Click here to watch now! Follow the money, — Guy Cohen |
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