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by Ross Givens
As expected, it was a down week for the markets.
This is a good thing.
Chart of the Day
We all love when stocks go up. But if they go straight up for too long, it is only a matter of time before prices correct harshly.
Stocks were on a 9-week streak before last week. That is almost unheard of.
The market needs time to digest this rally, absorb the sellers, and set up for the next move higher.
As you can see from today’s chart, the best gains come from clean breakouts out of shallowing compression patterns.
The chart of the Russell 2000 index breaking out in December is my go-to chart pattern when looking for institutional buying.
The more you can spot this pattern in your trading, the more successful you will be.
Insight of the Day
The more you can boil your strategy down to its core fundamentals, the more you can adapt it to changing market conditions.
The process for finding high returns is simple:
- Strong market
- Strong group
- Strong stock
At the start of December, crypto and home construction were the strongest areas of the market.
So that’s where we focused our efforts, giving people the chance at gains like 24% in 15 days, 54% in 37 days, and even 94% in four weeks.
Right now, home builders, biotech, and banking are the leading groups. So that’s where we’ll be targeting.
If the market stays weak, all we’ll do is trade smaller. But we’ll still focus on the leading stocks in the top-performing groups.
That’s how we adapt our strategy to shifting market conditions. Maintain core fundamentals while adjusting position sizing and risk management.
That’s how the best traders in history do it. And that’s how I do it.
There’s huge opportunity in 2024 if you stay focused on the fundamentals.
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