Insider Tips - Weekly Stock Market Report - Week July 29, 2024

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Weekly Insider Tips - July 29, 2024

Hey there everybody, hope you’re doing really well and having a great start to the week. The market's been pretty crazy lately with some big swings up and down. If you’re feeling the pain in technology stocks, especially Crowdstrike, remember that having a long-term strategy and a trading plan is crucial. Let’s dive into what’s going on in the market and some key takeaways.

Technical Analysis: We’ve got a wild market right now, with some significant movements. The NASDAQ has been in a 10-day downtrend and is now below its 50-day moving average, which isn’t a great sign. The S&P 500 had a gap down but managed to climb back above its 50-day moving average. The Dow Jones Industrial is looking stronger, moving up on decent volume. Remember, being below the 50-day moving average generally means trouble, so keep an eye on that.

Market Trends: We’re in a "yellow" market, which means caution. There’s a lot of uncertainty out there, from the presidential situation to what the Fed is doing. The VIX, or Volatility Index, has spiked, indicating increased market panic. Despite the chaos, utilities and the housing index are doing well. Utilities are seen as a safe bet, and the housing index is at an all-time high, which is surprising given the high-interest rates and inventory issues.

Individual Stocks:

Apple: It’s been on a 10-day downtrend, but the decline is on low volume and it hasn’t tested its 50-day moving average, so it might bounce back.
Amazon: Not loving the action here. It’s below the 50-day moving average with some sell-offs. Be cautious.
Tesla: Great sales numbers but missed earnings due to restructuring costs. Still leading in electric vehicle sales.
JP Morgan: Almost at all-time highs, benefiting from potential Fed rate cuts.
Coinbase: Could benefit from big Bitcoin announcements. There’s speculation about a US strategic Bitcoin reserve, which would be bullish for Bitcoin.

Key Takeaways: In these volatile times, having a system and a trading plan is more important than ever. Don’t try to catch the falling knife—wait for the market to settle before making big moves. Focus on chart reading and breakout strategies to find the right entry points.

Conclusion: We’re in a tricky market right now, so be cautious. Stick to your plan, use technical analysis to guide your decisions, and don’t try to be a hero. If you need help, I’ve got courses on breakouts and selling covered calls. Stay informed, stay disciplined, and you’ll be fine.

Current Market Condition:

Towards t he end of last week, the Market shifted to Yellow: You should exercise caution as we transition between Green and Red. You can get your watchlist ready; remain in cash; look to cover short positions; protect the downside and generally be ready to execute your trading plan. Ideal shorter-term allocation: 20% to 40% invested.

TOP 10 - Industry Groups:

The above list is the current Top 10 Industry Groups.

BOTTOM 10 - Industry Groups:

As well, here is the list is the current Bottom 10 Industry Groups.

Stock Updates:

Stock traders are seeing Crowdstrike stock drop like a rock in the past week. Is there more to come? Answer: probably. Check out the updates here.

Mindset:

In this video, we'll discuss why having an abundance mindset is crucial for success in investing. Learn how to cultivate a mindset of abundance to achieve your financial goals!

Podcast this Week:

In today's episode, I'm thrilled to introduce Will Basta, a forward-thinking entrepreneur from LA and co-founder of ACV Partners. Will's expertise in e-commerce, venture capital, and digital innovation brings invaluable insights into building and growing online businesses. We'll dive into his journey, starting from his early days in tech and health tech, to creating his first Amazon business and co-founding ACV Partners. Tune-in to hear the full episode!