WEEKEND REPORT – AUGUST 10, 2020

MY JOURNAL FOR MONDAY MORNING – AUGUST 10, 2020

NEWS, BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS

The Private Investor Newsletter – GregSchnell.com 📰

Hello everyone, I have moved my daily blog over to GregSchnell.com. Please check us out where you will receive access upon subscription to one strong, concise email per week. The email will contain:

  1. PDF file that will have my top ten charts of the week. This is to summarize all of the work I go through every week and give you the best information on market direction. This will also include my preferred opinion on the market: very aggressive, moderately aggressive, selective, defensive, very defensive. We want to be aggressive coming out of major lows. Theses runs can last a few weeks to months and perhaps more than a year. I will be investing in the same tone I am recommending.

  2. The weekly video which summarizes the major moves in the USA, Canada, rest of world, commodities, bonds and currencies including:

    • Commodities: Copper, steel, rare earth metals, lithium, gold, silver, oil, and natural gas, marijuana.

    • Bonds: 3 month, 2 year, 5 year, 10 year, 30 year.

    • Equities: A large part of my work makes sure that you’ll be in tune with the major moves in the indexes.The protection of capital to miss the big downside moves as well as the aggressive entries near the lows to maximize profits in the moves and keeping it as profit in your portfolio.

    • Currencies: a comprehensive look at the major currency pairs every week. These pairs can drive some of the major changes in world economics. Being aware of these changes when they occur can help you position for new strategies and selections as the changes happen.

    • Global markets are important to support major uptrends in the North American markets. A summary of this information enables you to be aware of country ETF’s that are doing well to help you diversify your portfolio across global markets.

  3. A vital chartlist that you can quickly look through with my top 30 charts at any given time. These charts will change as the market changes and will allow you to see the current status of charts I posted in the newsletter.

  4. Once a month conference call – This will be recorded and saved if you can not attend live but are still interested.

  5. Dwight Galusha also posts daily setups that are appearing on his radar. Here is an example of his chart showing the setup, and the resulting follow through:

Follow-up Chart

Stock of the Week – Starbucks

For all you caffeine addicts, and latte lovers, take a look at what we would like to see happen on the SBUX chart.
There are some pointers on the chart that are giving us some courage to enter the chart.

Award Winning Technical Analysis | Greg Schnell.com | Avoid the downside and learn to keep more of your profits. – LEARN MORE

Three Stocks Poised for All-Time Highs – 5i Research 🧐

Throwback blog demonstrating the power of the SCTR indicator (This indicator is used to identify relative strength (outperformance) versus its peers, not to a benchmark like other relative performance indicators)

Today I’m going to be highlighting three stocks poised to breakout to a new all-time high while introducingStockCharts.comTechnical Rank (SCTR indicator). This indicator is used to identify relative strength (outperformance) versus its peers, not to a benchmark like other relative performance indicators. This is because benchmarks such as the S&P 500 are dominated by large-caps and may not truly reflect the market as a whole. SCTR sorts all stocks within a specific universe (the TSX in this case) which allows chartists to see how a stock is performing relative to other stocks. Since most fund managers’ goal is to outperform the benchmark, money tends to flow into stocks showing outperformance. When combined with the following technical setup such as a stock breaking out from a base (strong chart pattern) to a new all-time high, this strategy can not only be very powerful, but very profitable. As I mentioned in an earlier blog, being able to identify this type of breakout not only allows investors to take a position in stocks during the early stages of an uptrend (often the starting point of a major price move), but also allows investors to take advantage of this asymmetrical equation that often translates into an acceleration in upside price momentum as there’s no resistance (overhead supply) from people selling at a loss (everyone in the stock is now a holding a winning position). One must always define their risk beforehand and set a stop-loss order in the event of a signal failure.
Three recent examples to demonstrate the power of this type of technical setup upon breakout followed by the asymmetrical equation are shown below: – READ MORE
Dwight Galusha, CMT, is a contributor of 5i Research is a conflict-free investment research provider for retail investors offering research reports, model portfolios and investor Q&A, which is available to try for free (Click Here).

Capital Power (TSX:CPX) – Signal on September 20th, 2019 @ $31.05 (13% to the high of $35.08 in 4 months) – ALERT LINK

The following are documented trade ideas featured each week in Capital Ideas Digest

The Case Against Gold – Uncommon Sense Investor 📺

That’s right. Investors don’t need to own gold. Call him a contrarian or crazy even but John O’Connell’s experience in the investment business tells him that the precious metal or gold stocks or ETFs are not a good hedge against inflation nor against volatility. Gold has been hitting record highs but O’Connell doesn’t feel like he’s missing out. Here’s why.

View from the Chat Room 💻

Join the Chat by Clicking Here

BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS 📈

(Many more setups to be found in the SetYourStop Chat Room – LINK)

Canadian Bank Of Commerce (TSX:CM) – Daily Chart

CIBC has started to push higher from a tight consolidation pattern and is now threatening to breakout above a major horizontal resistance line and gap resistance.

 

Dollarama (TSX:DOL) – Monthly Chart

Dollarama continues to setup at the upper trendline of a multi-year continuation triangle as the monthly PPO momentum indicator pushes higher. A breakout from this technical pattern would be very bullish as it would suggest the very beginning of a continuation of the prevailing uptrend. Technical setups like this (a stock breaking out from a big base or strong chart pattern to a new all-time high) is a strategy that can not only be very powerful, but very profitable. As I mentioned in an earlier setup blog, being able to identify this type of breakout not only allows investors to take a position in stocks during the early stages of an uptrend (often the starting point of a major price move), but also allows investors to take advantage of an asymmetrical equation that often translates into an acceleration in upside price momentum as there’s no resistance (overhead supply) from people selling at a loss (everyone in the stock is now a holding a winning position).

 

Empire (TSX:EMP.A) – Daily Chart

Empire is threatening to breakout above a major horizontal resistance line while the PPO momentum indicator trends higher.

 

Canada Goose Holdings (TSX:GOOS) – Daily Chart

Goose Holdings has started to push higher from a bottoming pattern while the PPO momentum indicator performs a bullish cross near the zero line.

 

Magna Intl (TSX:MG) – Daily Chart

Magna Intl has started to breakout from a continuation triangle while the PPO momentum indicator curls higher. This price action is very bullish and suggests more upside momentum to follow.

 

Savaria (TSX:SIS) – Daily Chart

Savaria is threatening to breakout to a new 52-week high while the PPO momentum indicator attempts to accelerate higher.

 

Summit Industrial REIT (TSX:SMU.UN) – Daily Chart

Summit Industrial REIT continues to push higher and above a major volume by price resistance line while the PPO momentum indicator builds up momentum.

 

Sun Life Financial (TSX:SLF) – Daily Chart

Sun Life Financial has started to breakout from a continuation pattern and is now threatening to breakout above gap resistance. This price action is very bullish as it comes on the back of their most recent earnings report.

 

TORC Oil & Gas (TSX:TOG) – Daily Chart

TORC Oil & Gas has started to breakout from a tight consolidation / continuation pattern as the PPO momentum indicator begins to curl higher off the zero line.

 

WSP Global (TSX:WSP) – Daily Chart

WSP Global has finally broken out from a continuation wedge and is now coiled below a major horizontal resistance line. A breakout above the 88.05 price label would complete the technical pattern and suggest the beginning of a new (or continuation of the prevailing) uptrend.

MOMENTUM ALERT SIGNALS 📡

Have a great day! 🙂

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