Minerva Market View for Jan 22, 2024

A quick update to note that we're turning cautiously optimistic and looking at scaling up our exposure along with some caveats.

The Nasdaq / QQQ 0.00%↑ popping up >1.5% on high volume on Friday gave us the bullish indicator we were looking for. With this, we're cautiously optimistic and looking at scaling up our exposure, especially on Tech and AI stocks.

The caution stems from various internals not yet confirming this bullish move and macro data releases this week that might lead to choppiness.

A decisive break below the recent range would make us cut our exposure. For now, the risk/reward favors a continuation of the bull run and we will look at puts and trailing stops to hedge.

The Nasdaq chart has 2 gap ups and bullish price/volume action.

The $SPY / $SPX chart isn't as bullish, but as long as it stays above the prior range (marked in green below), we can give it the benefit of the doubt.

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Portfolio and Performance

Several of our holdings posted >3% gains on Friday (primarily AI-related stocks and some preferred shares) and there were no major losers.

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Watchlist

Several stocks and ETFs on the watchlist for tomorrow:

Stocks: INVZ 0.00%↑ COHR 0.00%↑ GTLB 0.00%↑ PLAB 0.00%↑ TSM 0.00%↑ TXN 0.00%↑ CLS 0.00%↑ ANF 0.00%↑ DFH 0.00%↑ NXPI 0.00%↑ ACMR 0.00%↑ GOLF 0.00%↑ AMRX 0.00%↑ ITRI 0.00%↑ CRWD 0.00%↑ CDNS 0.00%↑ $FNMAS SYM 0.00%↑ ACLS 0.00%↑ TEO 0.00%↑ LMB 0.00%↑ ESTA 0.00%↑ BHVN 0.00%↑ BPMC 0.00%↑ IMVT 0.00%↑ KROS 0.00%↑ BLBD 0.00%↑ HY 0.00%↑ DOX 0.00%↑ EXTR 0.00%↑ CVCO 0.00%↑ UFPI 0.00%↑ MTH 0.00%↑ TMHC 0.00%↑ IDCC 0.00%↑ DHC 0.00%↑ BASE 0.00%↑ CART 0.00%↑

ETFs: DXJ 0.00%↑ MSOS 0.00%↑ EWT 0.00%↑ EWW 0.00%↑

That’s all for now - happy trading!

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Disclaimer: This post is for professional investors only and is shared with other like-minded investors for the exchange of views and informational purposes only. Please see the disclosures and disclaimers for more details and always note, we may be entirely wrong and/or may change our mind at any time. This is NOT investment advice, please do your own due diligence.

Nothing in this newsletter is an offer to sell or to buy any security. The author is not responsible for any financial loss you may incur by acting on any information provided in this newsletter. Before making any investment decisions, talk to a financial advisor.

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