Last week’s note subtitle ‘Turkey, stuffing, pie and chop salad in the market’ included some chop salad on the side for the holiday abbreviated Thanksgiving week, and that’s exactly what was on the menu. The week chopped once again, with a slightly green settlement and as for now no sign of weakness. My overall bias was that we are close to a pullback, so I shorted the pop on Wednesday morning with daily💰 and mid-January $QQQ puts as it topped out right at my hourly $NQ resistance.
I continued my bullish precious metals trade (long $SI/silver futures swing trade with some scalp adds here and there). ✅ 💰 $GDX backtested my 27.97 intraweek bull/bear key to the penny with a low of 27.97.🎯
I did not trade oil last week, but it backtested my ‘poop pivot’ of 78.22 before declining and bounced at my 74.07🎯.
This week @SLMacro looks at 2 new stocks that could deliver outsized returns.
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures had super strong Mondays and then retracted on Tuesday before topping out Wednesday AM. $RTY/small caps futures spent the week consolidating off the previous week’s impressive rally.
$GDX/gold miners showed relative strength to the market, while $SI/Silver futures and $GC/gold futures booked a nice gain on the week.
$CL/Crude Oil futures declined on the week yet again in very volatile trading. $XOP/oil equities settled the week marginally red.
Here’s how last week closed out:
For the week ahead (11/27-12/1/23)