Weekly rollup | Sept 12-18 2022
Stocks Mentioned: Vizsla Silver (VZLA), Biotech ETF (XBI) and Regional Banking ETF (KRE)
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September 12 2022
Buy Vizsla Silver (VZLA) at the open
This is a past pick of mine. Silver is rallying hard and the company just reported drill results that should lead to increased interest in the stock. Also, the stock appears poised to break out of its base, which makes for a good entry.
September 16 2022
On June 17, the SPX bottomed at 3663. From there, the summer rally took off, for an 18% two month gain in the S&P and even better in some individual stocks.
Keep this in mind today because this may well be the next higher low.
Why? Because it's triple witching (or quad witching if you prefer) day, and once positions are squared off the market will reveal its true bias. Given that the June low held even though sentiment is extremely bearish, the next leg could well be an explosive move higher (nobody is expecting it since consensus is that the summer rally was a bear market rally) with tech, biotech, and banks leading the charge.
Today is definitely not the day to puke long positions. If you have the risk appetite for it, go long XBI and KRE at the close, with the expectation of a bounce next week.