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Trade Plan for 2/27-3/3
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Trade Plan for 2/27-3/3

Last calls

Julia Cordova✨'s avatar
Julia Cordova✨
Feb 26, 2023
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Trade Plan for 2/27-3/3
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Follow @CordovaTrades✨ and collaborator @SLMacro on Twitter and please share if you find our work valuable.

Last week the market finally left the consolidation it had been in for a couple of weeks and it broke to the downside.  Though I didn’t have a strong directional conviction for the market either way I leaned slightly bullish for markets with a plan to take advantage of a ‘take short profit/buy zone’ if price action were to travel there.  We closed the week still within that zone.  

I was bearish for the precious metals sector as they had shown weakness during the consolidation in indices, but I did start scaling into miners.  Silver closed just a few cents below my ⚠️ level, so the suspenseful music is playing this weekend.

I was most confident in my bearish bias for oil with a plan to short any bounce up to 78.22.  The shortable bounce came early in the week.  Oil settled slightly lower despite a very strong day on Friday.  $XOP/Oil equities managed to fight against weakness to close the week strong despite the market and the commodity’s slight decline.

This week @SLMacro looks at his favorite stocks in respective sectors/industries

Summary of Market Action Last Week:

  • Markets opened the holiday abbreviated week with a plunge.  They then consolidated into Friday’s important PCE data and then dropped again, bouncing from lows at pivotal MA supports.  All 3 of the major indices were red for the week.

  • $GDX/gold miners continued to show weakness after a brief backtest of the weekly 20MA from below.  $GC/gold futures and $SI/silver futures both lost ground for the week without much of a bounce before settling on Friday. 

  • $CL/Crude Oil futures and $XOP/oil equities managed to bounce substantially on Friday.  Crude was unable to settle in the green, but oil stock outperformed for the week.

Here’s how last week closed out:

For the week ahead (2/27-3/3/23)

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