Welcome back to Under the Hood, where we'll cover all the action for the two weeks ended May 10, 2024. This report is published bi-weekly, in rotation with The Minor Leaguers.
What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.
We use a variety of sources to generate the list of most popular names.
There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.
I’ve heard JC say it many times: “You guys are the smart money.”
After spending a week with clients at our Portfolio Accelerator and fielding countless reader emails, I completely agree!
Since gold and silver prices are getting a bit wild, I decided to dive straight into the Gold Rush mailbag today to start a healthy discussion about what might happen next…
If there is one thing that stands out from any conversation with Brian Shannon about the trading process, it is this:
For discretionary traders, there are no rules. Instead, there are "guidelines."
And because Brian is human, he occasionally breaks his guidelines and suffers the same consequences as anyone else. Everyone gets what they deserve. Even a trader of 30+ years like Brian Shannon.
If a trader buys the dip or sells the rip without a plan to control her risk then she, too, will get what she deserves. Eventually. The market is always on the hunt for our weaknesses.
Last week in Sonoma, we uncovered a bunch of potential trades that are setting up in a variety of sectors. But one of them is sending a glaring signal that it is ready for us to get involved right now, so let's not waste any time.
After spending a week with clients at our Portfolio Accelerator and fielding countless reader emails, I completely agree!
Since gold and silver prices are getting a bit wild, I decided to dive straight into the Gold Rush mailbag today to start a healthy discussion about what might happen next…
What happened to gold/silver? Is the rally over?
-Parry
No, the rally isn't over.
Gold is consolidating below a critical extension level following a breakout to new all-time highs. And Silver is trading just off fresh decade-highs.
In many ways, it’s just getting started.
I can’t hold a bearish or neutral bias for precious metals while Silver trades above the 2020 highs of roughly 30.
I'm seeing a number of positive developments that supports an intermediate-term bullish bias. The current weight of the evidence points to further upside in the coming months.
Bitcoin continues to move higher following its retest of the 60,000 support level. The short-term trends in crypto markets are higher, which aligns with equity markets making new highs.
