Sunday Night Weekly Recap July 7, 2024

What’s the motto of your life? What is your life’s motto? The one thing that you would “Die on the hill for” Because you believe it to be so true. ( and no not a religion, your family or a cause ) For me it’s “If there’s a will, there’s a way” I can’t respect people that make excuses, but relish the ones that get the task done regardless of what’s going on. Unfortunately that’s me at the moment, .. The power blinked out twice tonight while I was typing this!!! uhhhhggggg…..lol…. Moving on…….

The markets closed at new ATH’s this week ( All Time High’s) The SPY and the QQQ’s did not disappoint. If you have been reading investingwithfaith.com for any time now you know that I have been very bullish on the SPY. I’m still riding those long calls for OCT 2024 from down at the 510, 520 and the 530 strikes. And yes I’ll be adding with any bounces that occur off of pullbacks.

Stock Futures are down at the moment but not by much. The Inflation Report comes out tomorrow at 11am EST, everyone is waiting to see the FED’s reaction.

A few names reporting Earnings this week. HELE is of interest here, the stock has stabilized at what appears to be long term support on a 5 year chart. it reports BMO on Tuesday. Soccer “Futbol” fan? MANU reports BMO on Wednesday. Thursday BMO gives us DAL, PEP and CAG. Friday is the day everyone is waiting for, a few big name banks report BMO. JPM, WFC, C and BK.

TSLA are you kidding me? What a week, what a week, and congrats to all of those long AAPL as well.

AMZN… Can we look at it for a minute from a day traders perspective? Each green bar that you see represents a 4 hour time period. This pattern is what is known as an “Ascending Wedge” It’s a bullish pattern and this one is strong. Lets combine this with the fact that the JUL 2024 Options at the 205 strike saw a big jump on Friday, and the 210’s are pretty respectable as well. AMZN is getting a little long in the tooth here, it’s now up 150% in the last 18 months, but it’s still in play. Even with CEO Jeff Bezos saying he was cashing out 25 Million shares, or $4.93 Billion roughly. Use those STOPS, Trade Management never goes out of style.

Every Sunday we take a look back with the Heat Maps looking at the past week, the past 4 weeks and the past 12 weeks. The Heat Maps are shown in that order.

Invest wisely, live charitably and be well

Brother Bill