We've Gone SOFI This Summer

We've Gone Higher, But Can Sustain All Summer Long?

Author

Bootleg Macro
June 11, 2023

Market Performance

  • Apple Vision Pro

    • Apple unveiled it’s $3,500 headset expected later this year. Mark Zuckerberg weighted in from the Lex Podcast. He essentially thinks, it’s too expensive. I agree…but this is the first generation. It will get better, cheaper and more widely used. What do you think?

  • Finally People Admit It’s a Bull Market

    • The week of acceptance. Finally, people admit this is a bull market. If you don’t believe in the bull market, I’m sorry you’re the reason it will keep going up.

  • Atlanta Fed GDPNow Real GDP: 2.2%

    • Positive GDP, that’s a great sign and what bull markets crave. But this is only a forecast and is subject to change, potentially higher.

  • Bitcoin looks sick.

    • Not sure what is happening but I see a bad trend for Bitcoin. This could fight against the bull market narrative. It is the end of the risk curve.

      Bitcoin Action for 2023 YTD

      • Bitcoin Trend Bearish Since 5/17/23

      • Bitcoin Sell Signal since 6/5/23

      • Trade Range:

        • $28.4k - $26.0k

US Index Review:

All indexes are being bid up without being overbought.

The US Indexes look incredibly strong. Pulled up by the large cap tech. What’s interesting under the surface is the breath expansion. We are seeing small caps participate as well.

  • DIA

    Confusing, it’s bullish recently but bearish generally.

  • Bearish Trend Since 5/5/23

  • Go Long Signal Since 6/5/23

  • Price To Rise Since 6/5/23

  • SPY

SPY is up 4%+ for the month…it’s strong a a good one.

  • Bullish Since 5/31/23

  • Go Long Signal Since 5/19/23

  • Price to Rise Since 6/2/23

QQQ is up 8.6% for 1 month…if you don’t, why don’t you own it?

  • Bullish Trend since 5/16/23

  • Go Long Signal Since 5/1/23

  • Price to Fall Since 6/8/23*

The concern, QQQ is very overextended on the short term and could see a pullback for a period of time. 2-4 weeks. If you want to understand better why here are 2 tweets where I share more detail on the QQQs.

Sector Review:

The whole market is getting bid up. All Sectors are Bullish

New Highs $5-$20:

  • New stocks and new highs, what else can you ask for?

    1. TAST

    2. SOFI

    3. NU

    4. ROIV

    5. ALDX

    6. CCL

    7. CX

    8. TIMB

    9. UGP

    10. VRRM

This could be at it’s top for a bit. A lot of downside from here to $4.37

This has the potential to become a market darling. Similar to $SQ in 2016-2018

A nice steady trend. The industry is scare but the price action is BEAUTIFUL.

An interesting runner from here. A jagged trend but if you like volatility, you could see huge upside moves.

Probably hit a top for now. If it comes back to $10 or slightly around. Good spot.

Who would have guessed carnival cruises would be killing it?

CX a great rebound after a pullback. Love to see it.

This trend has been like a lazy river. Easy to follow with a few bends and twists along the way.

Stop and go, higher. That’s UGP right now.

VRRM looks like Vrooom!

New Highs $20+:

Some new, some old but all higher.

  1. EXTR

  2. RCKT

  3. BHVN

  4. SGH

  5. IDYA

  6. GPK

  7. VSH

  8. COCO

  9. PTGX

  10. BLX

Technology infrastructure is hot right now.

A steady move since early April has lead to some big gains. It all starts with a new high.

It’s crazy to think this up 72% in 3 months but down for the 1-year rolling.

Nice easy move.

This one is like manic. Super excited, then depressed, super excited then depressed. It’s ugly but every stock needs some love.

Nice easy move. Good opportunity potentially for a little dip to $25

What a steady trend. Buy dips.

What a nice run. Could pull back to $27 easily or stagnate right under $30 for a couple weeks.

A good move. I’ll pay attention to anything under $20 with this stock.

Next Week:

  • Business Events (Earnings, Conferences, etc)

    • ORCL - June 13th

      • Oracle is on my 52 week high list. It’s a good stock.

    • LEN - June 14th

      • Lennar will inform us about housing demand.

    • ADBE - June 15th

      • Adobe is at a 52 week high. It’s interesting to see the A.I. components and products they talk about.

    • KR - June 15th

      • Kroger has been a play during high inflation. As inflation has fallen, so has Kroger.

  • Central Banks (Speeches, Decisions, Meetings)

    • June 13 - Core CPI

      • CPI will help give us a clue if we get a pause or a .25 hike the next day.

    • June 14th - Fed Decision on Interest-Rate Policy

      • This could be the first meeting without a hike in quite some time. An interesting press conference I’m sure on Wed.

Thank you, please share

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