This market is not balanced and the Scorecard says so plainly. Equal weight $RSP reads negative 9 while $SPY sits at a positive 92, $IWM is at negative 2 and the Dow is at negative 9. Sector rankings collectively come in at 19%. Ten to fifteen heavily weighted names are carrying the entire tape.
That does not bother me as long as the Big 10 holds, and right now the basket is close to 70%. $XLK is at 98, $ARKK at 97, biotech and $SMH both in good shape. Utilities, staples and financials are the ones lagging.
I walk through every position on the book: $NVDA and $ARKK December calls, $QQQ at 14 points out of 15, the $SNDK trade off John Carter’s alert, and the $XOM loss I took Monday when the rotation turned against energy. Then I lay out the stacked Big 3 Squeezes building across $MU, $NVDA, $SMH and $QQQ, and what happens to the chips if $QQQ and $SMH fire together.
The video has the charts and the full read on the Micron setup.
Stay Focused,
Taylor Horton
Tr3ndy Jon and Melissa Beegle go live Wednesday at 6 PM CT on Trendy Precision, the tool that marks entries, stops and risk zones right on your chart. Grab a seat before it starts!