21 New Highs - And Index All-Time Highs!

Buy a bull market before it becomes loved. Then you can sell when the euphoria arrives.

Author

Bootleg Macro
February 04, 2024

We can finally use the monthly highs and lows for our trading. All indexes, are positive. We will ignore small caps for now. The market needs breadth, which is missing at the moment.

But market my words, once small caps start participating, you’ll get the impression we’ve fully accepted it’s a BULL MARKET.

When everyone accepts it, it’s too late. Right now we have a hated yet healthy bull market. These are the best, if you don’t remember 2013…go back and read the headlines coming into the year after 2012.

Same story, different decade.

With all that said, here are the levels we can use in the common ETFs of indexes for our bearish line.

These ETFs must trade at or below these prices during 2024 for me to consider BTFD out of style.

SPY: $466

QQQ: $395

DIA: $378

RSP: $153

This is a simple way to think about how to protect against risk. This isn’t for serious professionals but it’s simple enough for a casual investor.

Anyone with a 401k or casual stock investments needs a simple rule. Something to say, “Hey, this might be time to look” and the January high / lows as a trend confirmation is one simple rule.

Again, we can’t control risk but we can be aware of what might happen.

- Dustin

Market Performance

The market had a nice Friday, we were shocked by the jobs created last month. This economy continues to be resilient. Everyone is talking about how strong the US labor market continues be for American’s.

Credit: Finviz

Volatility Corner:

VIX / VVIX improved! Blue up is good, blue down is bad. The blue line has a HIGH CORRELATION to overall markets. You see the up and down…Things aren’t fantastic in volatility world but indexes are better.

We continue to be patient, watching for the next setup. Again, we continue to see chop but it doesn’t mean we will see a BEAR market or a waterfall.

MACRO INDICATOR:

This is currently flashing bearish for the macro view too. But it’s turning BULLISH next week, I believe so we need patience.

  • MACRO SEASON: BULLISH Since 12/2/22🟢

  • MICRO WEATHER: BEARISH Since 7/27/23🛑

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New Highs $5-$20:

  1. NXE - NexGen Energy Ltd - 🛢️ Uranium Exploration & Development - 🇨🇦

  2. CX - Cemex S.A.B. De C.V. ADR - 🏗️ Global Leader in Building Materials - 🇲🇽

  3. BBVA - Banco Bilbao Vizcaya Argentaria S.A. ADR - 🏦 International Banking & Financial Services - 🇪🇸

  4. MOR - MorphoSys AG ADR - 🧬 Biopharmaceuticals Focused on Hematology and Oncology - 🇩🇪

  5. SXC - SunCoke Energy - 🏭 Producer of High-Quality Coke for Blast Furnace Steel Production - 🇺🇸

  6. OSCR - Oscar Health - 🏥 Technology-Driven Health Insurance - 🇺🇸

  7. KT - KT Corporation ADR - 📡 Leading South Korean Telecommunications Operator - 🇰🇷

  8. IRWD - Ironwood Pharmaceuticals Inc - 💊 Focus on Gastrointestinal Diseases - 🇺🇸

  9. JBI - Janus International Group Inc - 🚪 Leading Manufacturer of Building Solutions and Security Products - 🇺🇸

  10. MGNX - MacroGenics Inc - 🔬 Biotechnology Company Specializing in Creating and Developing Monoclonal Antibody-Based Therapies for Cancer - 🇺🇸

NXE - NexGen Energy Ltd - 🛢️ Uranium Exploration & Development - 🇨🇦

CX - Cemex S.A.B. De C.V. ADR - 🏗️ Global Leader in Building Materials - 🇲🇽

BBVA - Banco Bilbao Vizcaya Argentaria S.A. ADR - 🏦 International Banking & Financial Services - 🇪🇸

MOR - MorphoSys AG ADR - 🧬 Biopharmaceuticals Focused on Hematology and Oncology - 🇩🇪

SXC - SunCoke Energy - 🏭 Producer of High-Quality Coke for Blast Furnace Steel Production - 🇺🇸

OSCR - Oscar Health - 🏥 Technology-Driven Health Insurance - 🇺🇸

KT - KT Corporation ADR - 📡 Leading South Korean Telecommunications Operator - 🇰🇷

IRWD - Ironwood Pharmaceuticals Inc - 💊 Focus on Gastrointestinal Diseases - 🇺🇸

JBI - Janus International Group Inc - 🚪 Leading Manufacturer of Building Solutions and Security Products - 🇺🇸

MGNX - MacroGenics Inc - 🔬 Biotechnology Company Specializing in Creating and Developing Monoclonal Antibody-Based Therapies for Cancer - 🇺🇸

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New Highs $20+:

  1. INFY - Infosys Ltd ADR - 🌐 Global IT Services - Information Technology Services - 🇮🇳

  2. VSTS - Vestis Corp - 🧥 Uniforms & Workplace Supplies - Newly Independent Public Company - 🇺🇸

  3. BASE - Couchbase - 💾 Cutting-Edge Database Solutions - Software - Application - 🇺🇸

  4. VNT - Vontier Corp - 🛠️ Tech-Driven Industrial Tools - Scientific & Technical Instruments - 🇺🇸

  5. PINS - Pinterest - 📌 Visual Discovery & Inspiration Platform - Internet Content & Information - 🇺🇸

  6. UCTT - Ultra Clean Holdings - 🏭 Critical Systems & Services for Semiconductor Industry - Semiconductor Equipment & Materials - 🇺🇸

  7. AZEK - AZEK Company Inc - 🏡 Premium Building Products - Building Materials - 🇺🇸

  8. DKNG - DraftKings - 🎲 Sports Betting & Gaming Entertainment - Gambling - 🇺🇸

  9. UBER - Uber Technologies - 🚗 Ride-Hailing & Mobility Services - Software - Application - 🇺🇸

  10. IR - Ingersoll-Rand - 🌪️ Global Industrial Manufacturing - Specialty Industrial Machinery - 🇮🇪

  11. ANF - Abercrombie & Fitch - 👕 Iconic Fashion Retail - Apparel Retail - 🇺🇸

INFY - Infosys Ltd ADR - 🌐 Global IT Services - Information Technology Services - 🇮🇳

VSTS - Vestis Corp - 🧥 Uniforms & Workplace Supplies - Newly Independent Public Company - 🇺🇸

BASE - Couchbase - 💾 Cutting-Edge Database Solutions - Software - Application - 🇺🇸

VNT - Vontier Corp - 🛠️ Tech-Driven Industrial Tools - Scientific & Technical Instruments - 🇺🇸

PINS - Pinterest - 📌 Visual Discovery & Inspiration Platform - Internet Content & Information - 🇺🇸

UCTT - Ultra Clean Holdings - 🏭 Critical Systems & Services for Semiconductor Industry - Semiconductor Equipment & Materials - 🇺🇸

AZEK - AZEK Company Inc - 🏡 Premium Building Products - Building Materials - 🇺🇸

DKNG - DraftKings - 🎲 Sports Betting & Gaming Entertainment - Gambling - 🇺🇸

UBER - Uber Technologies - 🚗 Ride-Hailing & Mobility Services - Software - Application - 🇺🇸

IR - Ingersoll-Rand - 🌪️ Global Industrial Manufacturing - Specialty Industrial Machinery - 🇮🇪

ANF - Abercrombie & Fitch - 👕 Iconic Fashion Retail - Apparel Retail - 🇺🇸

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