Slow Money: Stock Market Update 03/11/24
Navigating the Markets for Beginner Traders and Investors
“Risk comes from not knowing what you’re doing.” – Warren Buffett
Here’s what’s coming up this week to pay attention to:
Tues -
07:30 AM US Inflation data
Wed -
07:30 AM US PPI & Retail Sales MoM
A Technical Look
The Broader Market | S&P 500
Part of me expects a market crash soon (probably after the election), or at least a beefy correction. Part of me sees the dollar continuing lower, which is more bullish than bearish for stocks. Those 2 things do not work together, and only one is backed by the charts.
So, I’m trading EUR/USD and AUD/JPY with a small balance to continue sharpening my technical skills until the signal sounds for the crash.
If the crash doesn’t come, my long-term portfolio will benefit from this continued bullishness. See what stocks I added below.
This is a 3 year Weekly chart of the S&P 500 index (SPY)
Chart looks almost exactly the same. Indecision candle last week, price didn’t really move. Same candle happened the week of Feb 12th, which led to a bullish continuation the following weeks. Nothing much to analyze here. Only something big and surprising to investors can stop this move up.
MACD - Strong bullish
RSI - Overbought, continues higher
Price levels - Over 500. Indecision candle last week. Could continue higher absent unexpected event.
This is a 1 year Daily chart of the S&P 500 index (SPY)
MACD - Flat.
RSI - Trending down. Negative divergence.
Price levels - 3 of last 5 candles have been red.
This is a 1 year Daily chart of the Dollar index ($DXY)
MACD - Down. Bearish
RSI - Crossed below 50 line. Bearish
Price levels - Back inside the range I drew back to January of 2023. Now that it crossed back inside, I expect it to test the bottom of that range around 101.
FIND A WAY TO
PUT YOUR MONEY TO WORK
Long-Term Holdings
This Month’s Long-term Stock Pick
Pfizer PFE 0.00%↑ Price originally: $26.59 Current Price: $27.22 (Up 2.3%)
Might be the government’s go-to company for vaccines. What they do is wrong, unequivocally, but their position economically is beneficial for its investors. Pfizer is the world's biggest pharmaceutical company in terms of revenue at the moment.
Wrestle with your conscience and make a decision that’s comfortable for you.
BUSINESS SUMMARY (source: TdAmeritrade)
Pfizer Inc. is a research-based global biopharmaceutical company. The Company is engaged in the discovery, development, manufacture, marketing, sale and distribution of biopharmaceutical products worldwide. Its Biopharma segment is engaged in the science-based biopharmaceutical business. Its Biopharma segment includes the Pfizer Oncology Division, the Pfizer U.S. Commercial Division, and the Pfizer International Commercial Division. Its product categories include oncology, primary care and specialty care. Its Oncology products include Ibrance, Xtandi, Inlyta, Bosulif, Lorbrena, Braftovi, Mektovi, Padcev, Adcetris, Talzenna, Tukysa, Elrexfio and Tivdak. Its primary care products include Eliquis, Nurtec ODT/Vydura, Comirnaty, the Prevnar family, Abrysvo, FSME/IMMUN-TicoVac, Paxlovid and Lucira by Pfizer. Its specialty care products include Xeljanz, Enbrel (outside the U.S. and Canada), Inflectra, Cibinqo, Litfulo, Vyndaqel family, Genotropin, Sulperazon, Zavicefta, Medrol and Panzyga.
Where My Money Is
My Current Swing Trade Positions: None
My Current Long-Term Holdings: MMM 0.00%↑ (added more) WBA 0.00%↑ (added more) PFE 0.00%↑ T 0.00%↑ KO 0.00%↑ O 0.00%↑ SBUX 0.00%↑ SQ 0.00%↑ AAPL 0.00%↑ Just added NWL 0.00%↑ BABA 0.00%↑
My Son’s Long-Term Holdings: DIS 0.00%↑ RBLX 0.00%↑ O 0.00%↑(sold) PFE 0.00%↑ Just added AGNC 0.00%↑
My Daughter’s Long-Term Holdings: DIS 0.00%↑ SNAP 0.00%↑ AGNC 0.00%↑ PFE 0.00%↑
Disclaimer. Must Read.
Please read 👇
“This newsletter and all related Market Adventures content is not investing advice. Everything you are about to read is merely the opinion of the writer. Please seek the counsel of a financial advisor prior to making any investment decisions. Though the stock market does present many opportunities to make money, there are an infinite number of ways to lose all or more than your original investment. That being said. Don’t invest or trade in any security mentioned in this publication or its related content.”