The Peters Report 10-27-24
The Sunday Edition of the Money Flow Newsletter
MFG STATE OF THE MARKET 10-27-24
Gold (GLD) continues to lead The Wind and hit a new all-time high again. The Nasdaq (QQQ) took second place with its seventh-straight week of gains and tagged $500 on Friday. Bitcoin (BTC) is in a stage 2 uptrend above its 200-day SMA.
The S&P 500 (SPY) is building out a stage 3 consolidation zone. It tested its 20-day SMA, but closed above it last Wednesday. This week will tell us more about where the SPY is going. The Dow Jones (DIA) is in a stage 4 decline.
Oil (USO) is in a stage one with a possible stage 2 breakout underway right below its 200-day SMA. Bonds (TLT) are in a stage 4 decline with a possible stage 1 accumulation zone forming right at its 200-day SMA and are trading at a near extreme-low RSI reading.
Consumer Discretionary (XLY) was the best performing sector of the S&P 500 (SPY), while Materials (XLB) was the worst. Be patient and stay in flow.
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Last week was another great week for the MFG portfolio!! Tesla (TSLA) popped over 20% when their earnings report was released and my 2x leveraged TSLA trade TSLL popped over 40%!! I didn’t trim any shares here. The RSI didn’t go extreme yet.
We also saw beautiful moves out of SOFI, NVDX, and DLR. I didn’t trim SOFI here; I believe it’s going much higher. I closed my swing trade in ABNB for a nice gain and added to OXY, CPB, and put my BTC futures contracts back on.
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This week, I’m keeping a close on TLT, DIA, XLB, XLI, XLV, MRNA, PFE, CVS, DOW, ADBE, MRK, UBER, UBRL, TMF, BORR, DIPS, CRSH, and BABO.
I’m looking to accumulate shares of KLG, KSS, MO, CPB, OXY, COP, GUT, DG, AMDL, AIR, FUBO, ENVX, GGLL, SOXL, and extreme-yield funds BABO, KLIP, AIGI, AMDY, and AMZY.
-GP a.k.a Fullauto11 🧙🐼
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Third Quarter Earnings Season is Underway
More than 150 S&P 500 companies are scheduled to report earnings this week.
Monday: F, WM, WELL
Tuesday: AMD, PFE, PYPL, GOOG, FE, MCD, CMG, BUD
Wednesday: CAT, COIN, META, MSFT, DASH, MSTR, KHC, HUM, AMGN, SBUX, ABBV
Thursday: UBER, COP, AMZN, AAPL, CMCSA, MRK, INTC, MO, COP, BMY, SO
Friday: CVX, XOM
Trade Ideas This Week
[See trade idea DG chart below.]
Dollar General DG 0.00%↑ is in a stage 1 accumulation zone way below its 200-day SMA. This presents a great opportunity for a B&B trade or a chance to add to your buy and hold position. DG has a fair value of $130 and currently trading undervalued.
👉👉Trade ideas this week: AIR, AMDL, OXY, GGLL, SOXL, TMF, ENVX, ADBE, ETSY, CPB
👉👉B&B trade ideas: COP, MRK, OXY, DG
👉👉Crypto trade ideas: CLSK, WGMI, CONL, BITX, BCHG (I’m not trimming any crypto plays yet.)
👉👉Dividend ideas: YMAG, YMAX, IWMY, QQQY, WDTE, XDTE, QDTE
👉👉Top yielders I’m watching closely: GUT
👉👉Speculation plays: FUBO, BORR
👉👉New tickers: BTCI
[See trade idea OXY chart below.]
Occidental Petroleum Corp. OXY 0.00%↑ is also in a stage 1 accumulation zone below its 200-day SMA. This presents another great opportunity for a B&B trade or a chance to add to your buy and hold position. OXY has a fair value of $62 and currently trading undervalued. It will be interesting to see if Warren Buffet picks up more shares here.
[See trade idea ADBE chart below.]
ADBE ADBE 0.00%↑is in a stage 4 decline with a possible stage 1 forming inside a sticky zone. I’m expecting price to hold here. I’m waiting for price to get above the 5-day EMA before I start adding more shares here. ADBE has a fair value of $635 and currently trading undervalued.
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Let’s go, MFG!!!
To achieve the results that the top 5% of people in the world achieve, you must be willing to do what 95% of others won’t.
Trading requires you to be disciplined and study the markets everyday.
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Always remember, whatever you think about comes about, whatever you focus on grows. - GP
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Thanks GP....