11/6 Daily Market Note: Bond Bears Aren't Finished, just yet.
11/6 Premium Strategy Note: One Hedge that I'm starting.
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Folks-
Welcome back to a fresh week in the markets, and our Community is off to a good start from a stock-selection standpoint. We’ll start off with a quick recap and then we’ll probe into more forward looking ideas. As a reminder, my content is very conclusion-oriented as I spare my readers my full research process (which is very lengthy).
Last week’s issued Monday idea on Costco has now arrived at our 570 target – discussed while it was had a window of opportunity in the 545-550 area. Today’s level on COST concludes my opinion on it from a tactical standpoint, and I move to the sidelines in terms of guidance. Execution wise, my stop-trail stop took me out at 560 for partial profits, but I am vigilant about re-tracements. I was able to capture about 60% of the move, which is good enough for me personally. Recall that targets are aspirational – if I don’t get the full trip, that’s fine. Congrats if you got the whole round trip.
In Hang Seng action, I was commenting on 19,000 on the index to be seen at some point within Q1 2024 while the index still traded in the 17,000 region. After a stealth rally of 1000 points within just a few sessions, here we are back at 18,000. To take advantage of this view for Hang Seng, my best idea shared with everyone was BYD HK-1211 in the 243-244 region. Recall that within Hong Kong Stocks, I am always on high alert that rallies are met with selling pressure very soon after. While the latest HK advance has been pleasant, my prevailing view for Hang Seng has always been to “buy the devastating Crater, and take profits during a rocketship rally.” I am temporarily closing out BYD at 249 and will re-enter later/find other ideas.
Now let’s talk about some more forward-looking concepts in terms of what I believe is worth monitoring to see the ongoing health of the market. For the next few sessions, these ETFs and Stocks serve as proxies to determine whether last week’s God Candle was a fluke or whether it has legs to grind higher into year end.