11/13/23 FOMO Is Back


On Friday, markets took back all of Thursday’s losses and then some.

Image from WSJ

Every major index ended the session solidly green…

  • Dow Jones +1.2%
  • Nasdaq +2.1%
  • S&P 500 +1.6%
  • Russell 2000 +1.1%

The Wall Street Journal wrote, “FOMO in the stock market is back.”

Sector Round Up

All 11 sectors ended Friday’s session higher.

Leading the charge was the risk-on stocks…

  • Technology (XLK) +2.6%
  • Consumer Discretionary (XLY) +1.7%
  • Communications (XLC) +1.6%

At the bottom…

  • Consumer Staples (XLP) +0.7%
  • Healthcare (XLV) +0.6%
  • Utilities (XLU) +0.5%


The S&P 500 is attempting to break out of the descending wedge pattern that formed over the past several months…

SPY Daily Candles – Chart from thinkorswim

Bulls certainly have the wind at their backs. Every support level is holding, and every bearish trend is being broken.

Your latest readout…


Markets will be digesting some news this week. 

This week is also the last full trading week of November.

  • CPI report drops Tuesday
  • PPI report drops Wednesday
  • Options Expiration is Friday

Earnings continue this week, with retail sales taking center stage…

  • Home Depot (HD) reports Tuesday pre-market
  • Target (TGT) Wednesday pre-market
  • TJ Maxx parent (TJX) Wednesday pre-market
  • Alibaba (BABA) Thursday pre-market


*Low Float
^Open Position

*DRCT support at $3.50, resistance at $4
*SHOT support at $1.60
TOI support at $2
^WRAP support at $2.50 / 2.75
DUOL on watch
TAST support at $7.50
METC on watch
ALKT support at $20, resistance at $22
TLS support at $3.50

Seconard watchlist—float about 100 million

ROVR support at $8
KD support at $17
support at $30

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