Before the Open 12/01/2022
Industry Group Focus List
I was way too bearish going into yesterday.
Here is an example for a bearish setups, here is an example from the August top.
This was the setup (Semiconductors, a lot of other higher beta Industries looked similar) the day before and it was still o.k.
So my bias got me to be too carefull.
I got shaken out of SCCO 0.00%↑ today but the rest of my port ( IAG 0.00%↑ and AGI 0.00%↑) made the day.
Next Play!
So there is not much on the focus list for industries, since most stronger industries rallied with the SPY 0.00%↑ and no pattern can be seen.
But there are now 94 (!!!) from about 130 Industry Groups that have been stronger than the SPY within the pullback and have now rallied with the SPY to new highs!
Most Industries look like this (Copper as an example):
Very few industries are lagging and look like this (Infrastructure Operations):
So, that is quite a participation!
The focus List from yesterday before the open did not bad, but the better buck was in breakouts out of higher beta industry groups that had an o.k. drawdown (about as much as the SPY) and popped with the rally.
Focus list from yesterday before open.
And it was a tricky day, because good pop ups did get sold off, just to then rally into the close on the Fed speach.
IAG 0.00%↑ is a good example:
That way I was shaken out ot SCCO 0.00%↑ which I took, but my stop a bit too tight.
No stock Foucs List today, lots of breakouts happened yesterday, let’s wait until the dust settles.
All the Best and Best regards.
Andreas
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