Dogecoin and other meme coins are seeing a boom off the back of Elon Musk's takeover of Twitter.
It isn't isolated to the Doge. A slew of meme coins have been born since Elon tweeted an image of a Shiba Inu dog wearing a Twitter t-shirt for Halloween.
It's hilarious that his tweets never fail to pump these things.
We debuted a new scan recently which goes by the name- All Star Momentum.
All Star Momentum is a brand new scan that guides us toward the very best stocks in the market. We have incorporated our stock universe of Nifty 500 as the base this time around. Among the 500 stocks that we follow, this scan will pump out names that are most likely to outperform the market.
This week we're looking at a stock from the industrial manufacturing sector. Stocks from this sector continue to show strength as the market continues to rally.
We retired our "Five Bull Market Barometers" in 2020 to make room for a new weekly post that's focused on the three most important charts for the week ahead.
This is that post, so let's jump into this week's edition.
The Scales are more balanced than last month but are still tipped toward risk and away from opportunity.
Macro folks are sorting out just how bearish they need to get while market folks are trying to figure out just how bullish they should get. From my perspective, less macro-related volatility could help stocks build on their October gains heading into year end. But there isn’t much evidence of that taking place just yet. With that, the inability of the recent rally to show sustainable strength (and more new highs than new lows) suggests caution remains warranted.
Our Weight of the Evidence Dashboard fills in the details and includes a few charts that have our attention heading into November.
As technicians, we pride ourselves on never being dogmatic in our approach. If new data that invalidates our initial thesis presents itself, we're always willing to flip our approach.
Yesterday, we wrote that Ethereum testing a significant support zone suggests this rally is mean-reverting in nature. In that same breath, though, we noted that it's wise to treat every chart on its own merits.
If you adopt an overly broad picture of markets, you'll often miss some of the most straightforward trading opportunities.
With all that said, a few names are shaping up nicely in this tape.
