The Peters Report 4-21-24
The Sunday Edition of the Money Flow Newsletter
MFG STATE OF THE MARKET 4-21-24
Gold (GLD) continues to lead The Wind and is still trading at an extreme-high RSI reading. GLD has remained relatively stable, benefiting from its role as a defensive asset during times of market uncertainty. I've already trimmed UGL. OIL (USO) had also made a stand leading The Wind, but has now rolled over into a stage 4 decline.
Bitcoin (BTC) is back in a stage 1 accumulation zone along with the Diamonds (DIA). Bonds (TLT) are also in a stage 1 accumulation zone and trading below its 200-day SMA. The S&P 500 (SPY) and The Nasdaq (QQQ) are in full blown stage 4 declines. I'm watching these assets closely to see if they put in an anchor here. The DIA is trading at an extreme-low RSI reading.
This is a normal correction inside of a bull market. This is when we "buy the dip." Be patient and stay in flow.
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Last week was a celebration for the MFG portfolio! The BTC halving event over the weekend was a significant milestone and marked a pivotal moment in BTC's history where the mining reward was cut in half. The entire crypto sector was under pressure last week; however, BTC is back in a stage 1 accumulation zone.
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I have been accumulating BTC, BCH, and my top alt coins. We saw a beautiful breakout in the MFG trade of the week- AIR. Last week, I closed my 3x leveraged utilities trade in UTSL for a gain, but now we have a new stage 2 underway in utilities (XLU). I also opened a BTC miners swing trade in WGMI, added to SOFI, SBUX, REM, and high-yield CEFs.
This week, I'll be watching the markets closely, especially the QQQ and trying to make as much money as I can to "buy the dip." I've been waiting to enter the 4x leveraged SPY ETN- XXXX. I'm watching the SPY, ARKK, ROKU, BX, RIVN, BORR, LYFT, UBER, CART, CRM, AAPL, TSLA, INTC, GILD, USA, and DNUT. I plan to add to AGNC, REM, CMCSA, SBUX, HBI, SBUX, MCD, T, VZ, MO, MFA, VTR, BXMT, SOFI, BITX, UDOW, KRE/DPST, SNAP, RDDT, and extreme-yield funds ULTY, BITO, MSTY, QQQY, AMZY, NFLY, JEPY, and IWMY.
Brand new IPO- Reddit Inc (RDDT) is in a stage 1 accumulation zone; don't sleep on this stock.
Always remain bullish and follow The Money Flow.
Be sure to check out GP’s Trader Column: Trader’s Life
-GP a.k.a Fullauto11
THIS WEEK'S HOMEWORK VIDEO: CONFLUENCE - THE ANATOMY OF A STAGE 4 BECOMING A STAGE 1
This week’s video is about buying bottoms and confluence. I hope it helps.
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Trade ideas this week: RDDT, DJT, SOFI, AAPX, TSLR, UDOW
Crypto trade ideas: BCHG, CLSK, MARA, RIOT, BITX
Swing trade of the week- AIR STAGE 2
Top yielders I am watching closely: WBA, PFE, BXMT
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