From the Desk of Ian Culley @IanCulley

Precious Metals are back on track, with Gold leading the way.

Gold bugs closed out last week with another strong showing, absorbing overhead supply at a critical level – the former 2011 highs.

With momentum on their side, let’s see how precious metal bulls are faring in other areas of the world.

From the Desk of Kimmy Sokoloff

The market was very whippy today, and I believe it will be this way till after the Fed on Wednesday.

We'll take it day by day.

From the Desk of Ian Culley @IanCulley

Precious Metals are back on track, with Gold leading the way.

Gold bugs closed out last week with another strong showing, absorbing overhead supply at a critical level – the former 2011 highs.

With momentum on their side, let’s see how precious metal bulls are faring in other areas of the world.

When we look at Gold valued in other major currencies, it’s already reaching new all-time highs!

Check out Gold priced in euro:

It reclaimed the 2011 highs during the covid sell-off, much like Gold priced in USD. The main difference: Gold has remained more resilient, valued in euro, finishing last Friday at a new all-time weekly closing high.  

It’s a similar picture priced in British pounds:

A big base breakout in early 2020, followed by retests in the spring and summer of 2021, has led to new all-time highs.

The next secular bull run in Gold is well underway in Europe.

But what about the Japanese yen?

You guessed it – gold is also printing fresh all-time highs priced in yen…

No surprise! But you get the point. 

It’s the...

We've adjusted a position in the Paid-to-Play portfolio today:

The most impressive behavior the past few weeks has to be in Bitcoin.

You can also see the performance of things like RIOT, COIN and other Bitcoin related stocks.

The bullish action transcends the asset class.

Take a look at the recent bid in Bitcoin as it bounces off its prior cycles highs from 2017:

The most significant insider activity on today’s list comes in a series of Form 4 filings by the CEO and CFO of Capri Holdings Limited $CPRI.

The two executives combined for purchases in excess of $10 million last week.

From the Desk of Kimmy Sokoloff

It's been a very volatile year so far, and we have the Fed this week, so expect even more chop.

I really wanted $SPY to close above its 200-day moving average, but that didn't happen on Friday. 

We saw a very respectable 1.4% rally in the S&P500 this week.

But the index is still stuck below overhead supply.

Nothing has changed.

This is specifically at the index level, of course.

You see, while many sectors were doing great throughout the back half of last year, Technology and other growth areas simply were not.

This held the S&P500 back.

In 2023 we've been seeing the opposite.

This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.

From the Desk of Steve Strazza @Sstrazza

Due to the recent bank failures, this week has been all about the financial sector and the selling pressure taking place there.

However, the price action for energy stocks has been even worse by some measures.

The Energy Sector SPDR $XLE is on pace to fall -6.8% this week, while the Financials Sector SPDR is only lower by about -5.8%.

When we look at energy futures, the outlook only worsens with crude oil registering its largest weekly loss since trading into negative territory in April 2020.

So, what does this all mean for the bull market in energy?

The sector has been so resilient, showing steady leadership for several years now. Is it all over?

Maybe not, but there is some serious damage that will require immediate repair work.

Let's take a look at it.

From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.

We’ve also sprinkled in some of the largest ADRs from countries that did not make the market cap cut. 

These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.

It’s got all the big names and more--but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.

The beauty of these scans is really in their simplicity.

We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.

Based on the market environment, we can also flip the scan on its head and filter for weakness.

Let’s dive in and take a look at some of the most important stocks from around the world.

Here’s this week’s list:

...

From the Desk of Kimmy Sokoloff

As of midday, the market's pulling in.

It's due for a rest, and we have the Fed next week.

From the Desk of Steve Strazza @Sstrazza

Markets have been on the ropes since late last week when a Silicon Valley Bank press release sparked a run on regional banks. 

As Wall Street scrambles to reprice the financial sector -- for what, up until last week, were unforeseen risks -- selling pressure and panic is spreading to Europe and other parts of the world.

Regulators are taking action. And the Fed is taking notice as expectations for future rate hikes plummet.

While Bitcoin and tech stocks have performed exceptionally well through the volatility, cyclical stocks and commodities have been hit hard, with energy and the CRB Index breaking to new lows this week.

What are we to make of all this? Should we be concerned?

Is the regional banking crisis a contained event, or is it about to send reverberations through the broader market and economy? 

Whenever we have questions like these, the first place we want to look is the bond market. 

Any signs of stress tend to show up there first.

Let’s analyze the recent price action and see how...

We're still in premium-selling mode until the market calms down.

That said, we're not taking any wild risks. This time, we're targeting the relatively tame utility sector and defining our risks. April expiration will become the "front-month" next week, so this delta-neutral spread should pay relatively quickly if the trade works.

We've adjusted a position in the Paid-to-Play portfolio today:

The largest insider buy on today’s list comes in a Form 4 filing by Cormorant Asset Management.

Cormorant revealed a purchase of roughly $10 million in Ambrx Biopharma $AMAM.

From the Desk of Kimmy Sokoloff

Happy St. Patrick's Day!

And TGIF!!

Will we have a green close today?

Time will tell.

I’ve received a few emails over the past few weeks from people who had long calls trades that went their way – a good problem to have. But they had questions about how to manage them.

They hear me often talking about selling half of my calls when they’ve doubled in value, giving my original risk capital back, while also offering a risk-free ride on the remaining half position. This is a Best Practice I frequently employ.

The question is some variation of: “Ok, great advice. But how do I do that if I only purchased a one-lot?”

For the record, I trade a ton of one-lot trades, especially on higher-priced stocks. So I’m very aware of this issue.

To take profits out of a winning long calls trade while still remaining exposed for more upside, there are two options that I prefer:

From the Desk of Kimmy Sokoloff

Well, it's certainly nice to see some green on the screen!

$SPY made it above 393, and $QQQ was full speed ahead, up over 2%.