Early on October 15, when CVS Health Corporation (CVS) was trading at 85.92, Mike Paulenoff highlighted upside opportunity for MPTrader members, writing:
"For the past 5 months, CVS has gone pretty much nowhere after hitting a new 6 year high at 90.61 on 5/25/21. It is precisely because CVS has traversed a sideways price path since late May that makes my work interpret the CVS technical setup as extremely promising for a run above 90.61 towards 100, and possibly 108-110 in the upcoming weeks and months."
Mike again wrote positively about the stock on October 20, when it was trading at 86.45, commenting:
"If my intermediate-term technical work is telling us anything about CVS, it is saying, 'watch me rocket above 90 towards a 100+ target!' Only a failure to hurdle 87 followed by a decline beneath 82 will compromise the developing anticipated thrust to the upside."
CVS began climbing on October 26, taking out key resistance at its prior failed rally peak at 87.80, The stock continued to strengthen right into last week's earnings report on November 3, when the company beat the Street's estimates on earnings, revenues, and guidance, propelling the stock to 96.57, its highest price in over five years.
At that high, CVS was 12.4% above its price at Mike's initial alert.
What's next for CVS? The strength of the consumer and another round of Covid-19 (booster) shots tie into the strength of CVS, which according to Mike's technical setup work has unfinished business on the upside as it heads towards 100-102 next. But will there be a period of rest-digestion first?
Join Mike and our MPTrader members for ongoing intraday discussions about CVS, as well as many other stocks, macro indices, ETFs, cryptocurrencies, and commodities.
Last Friday afternoon (Sep 30), Mike Paulenoff ended his Gold Miner alert to MPTrader members with the following parting comment:
Just maybe the precious metals complex is approaching a perfect storm-- a weakening US Dollar, stubborn inflation, vicious and increasingly dangerous geopolitics et al...
Indeed, the Gold Miners ETF GDX outperformed the benchmark SPY ETF for the first time in months. After pressing to a low at 23.
This past Monday September 19, Mike Paulenoff alerted MPTrader members to an emerging setup in Raytheon Technologies (RTX), noting:
One of the recurring themes I read about that threads through coverage of the Russian-Ukraine conflict is that the vast amount of materiel sent to Ukraine from NATO countries to help Zelensky and his army fight Russia is older equipment and weaponry that sooner than later will have to be replaced by the donating countries.
On the afternoon of September 12, the day before the consequential August CPI report was released, Mike Paulenoff alerted MPTrader members to a key inflection point in the QQQ, writing:
The QQQ is strong ... heading towards a confrontation with its key resistance zone from 312.80 to 316.15 where my work expects QQQ behavior to inform us about the true underlying dominant trend-- to the upside in an extension of the June-August advance, or to the downside in extension and completion of the Aug-Sep.
On August 8, Mike Paulenoff was asked for chart analysis on CHPT by an MPTrader member.
Before the opening bell, Mike responded with the following chart-based commentary:
CHPT (ChargePoint Holdings)is getting a lift from the so-calledInflation Reduction Actmostly because of the feel-good reaction to the $7,500 electric vehicle tax credit (if you can afford to buy an EV in the first place) as well as earmarked funds supposedly heading for building out charging station infrastructure.
On Friday morning August 26, Jay Powell delivered a very brief, but considerably more hawkish-than-expected Jackson Hole speech that for all intents and purposes ended and reversed the 19% recovery rally advance in the SP.
That afternoon, with AAPL down 3% to 164.65, Mike Paulenoff posted a heads-up alert about AAPL to MPTrader members that called for continued downside in the most widely-followed name in the averages, writing:
AAPL has pressed beneath its prior pullback low at 166.