My weekly stock market Elliott Wave piece covering 3 top swing trade ideas for the week. These trades require a greater degree of detail and precision, so, to swing trade with me, you must follow the RARE Swing Trading group feed chat regularly.

I am not aware of your risk tolerance, financial position, or goals, nor do I know what level of risk you currently have on the table, and I am not a licensed financial adviser. Consequently, nothing I say should be construed to be personal financial advice. Take the time to read Using Shooter’s Swing Notes and our risk disclosures before making any trades.

Market Conditions: Neutral to Bullish

For those who asked to learn more bout Bitcoin: Crash course on Bitcoin and Economy

Weekly Highlights

  • Minimal currency fluctuations and equities continued to trend.
  • Equities edged up, while precious metals performed well, while oil prices surged.
  • Despite attempts, the US Dollar lacked sustained strength, and US data was mixed.
  • Both the Euro and the Pound saw sideways movement, with disappointing economic data.
  • Commodity currencies didn’t perform as expected despite stable Dollar and rising oil prices.
  • Equities remained technically bullish. Well I see them as way overbought here.
  • Bond markets were quiet. Crypto-currencies rebounded. They bought it right back again.
  • Earnings are better than expected and likely to continue to boosted the S&P 500.
  • Market performance closed slightly below all-time highs.

US Dollar Index (@DX)

  • Looks like it wants to breakout now! Go figure?
  • That will start to weight on Equities at some point.
#US Dollar Index (@DX) Daily Elliott Wave Chart

iShs 20+ Yr Treasury Bd ETF (TLT)

  • FOMO starting but not heavy yet. Mr. Market has $110K open April $100 calls.
  • That betting on a push into FOMC for rate cut. Right or Wrong, its there!

Conviction Swing Trades

Broadcom Inc (AVGO)

  • Ok, a little different thesis for AVGO (see the chart for details). The semiconductor design firm specializing in artificial intelligence (AI) applications, news has it that there could be significantly undervalued. I not only like the chart I like its robust free cash flow (FCF) and FCF margins presented with this view. It’s a no brainer to park some funds in cash secured puts. The articles suggest 21% potential upside over the next year, as of this writing the stock price is $1,324.00.
#Broadcom Inc (AVGO) Daily Elliott Wave Chart
#Broadcom Inc (AVGO) Weekly Elliott Wave Chart

Mobileye Global Inc. (MBLY)

  • Nice floor strong staedy up trend and just poked its head into the and is backtesting 50% Fib.
  • Consider a 1/2 size on this one. I like May $35 calls for $160 a contract even I think if the gap fills in will happen in about 15 days.
#Mobileye Global Inc. (MBLY) Daily Elliott Wave Chart
#Mobileye Global Inc. (MBLY) Weekly Elliott Wave Chart

Citigroup Inc. (C)

  • This FOMO + Fed trade. We’ve just confirmed on the weekly this should run into FOMC.
  • We get into the resistance from 2008 this thing could really run.
#Citigroup Inc. (C) Daily Elliot Wave Chart
#Citigroup Inc. (C) Weekly Elliot Wave Chart

Risk Disclosures

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