June 11, 2024
Mish's Daily
By Mish Schneider
Yesterday’s Daily mused about what will untie the Gordian Knot holding back the market from either crashing or rallying.
While we wait, it feels like a great time to plan for future trades.
I have been all over the “Vanity” trade, based on the assumption the diet drugs lead to bringing in a new wave of consumers.
Let’s focus today on 2 stocks I am watching very carefully.
First is Nu Skin-(NUS).
Some stats:
Nu Skin Enterprises offers a range of popular products across skincare, wellness, and beauty.
COTY Inc (COTY)
Kylie Jenner and Kim Kardashian are part of Coty’s acquisitions to help Coty “celebrate and liberate the diversity of beauty.”
Now, we look at the charts.
NUS is in a Recovery Phase above the 50-DMA.
The stock is on par in Triple Play or Leadership against the benchmark.
Real Motion shows a mean reversion sell signal but in a bullish momentum divergence.
COTY is in a bearish phase.
It is well underperforming the benchmark.
The stock looks like it is having a mean reversion to the buy side.
Most compelling-a potential key reversal happening with any gap higher leaving a potential island bottom.
Both these stocks look promising, but like I wrote at the top, the market will have a lot to say about how we approach these investments and when.
Educational purposes only, not official trading advice.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media-Want to see more? All clips here
Stockpick.app Mish does a deep dive into several commodities and how to trade each one with fundamentals and technical-in order to see more of these videos that Mish does weekly, please consider subscribing to the app 06-10-24
Business First AM Mish covers 3 things-the Fed impact, precious metals and one stock pick in defense. 06-11-24
Business First AM Mish covers why big tobacco is circling cannabis regulation 06-05-24
StockChartsTV Mish walks you through the chance of a bigger correction and/or summer rally and what to look for 06-03-24
Schwab Network with Nicole Petallides Mish and Nicole discuss areas to watch after a fabulous first 1/2 of the year. 05-31-24
Coming Up:
June 12 Mario Nawfal Spaces 8 AM ET and 1:30 PM ET
June 21 Schwab
June 24 CNA Asia
July 2 Yahoo Finance
July Date TBD Wealth 365
Weekly: Business First AM, stockpick.app
ETF Summary
S&P 500 (SPY) Apple helped this index stay near ATHs
Russell 2000 (IWM) 200 broke briefly, so now that is a big pivotal point to hold
Dow (DIA) 40k resistance
Nasdaq (QQQ) Apple helped this too stay near all time highs
Regional banks (KRE) Watching the range 45-50 CAREFULLY
Semiconductors (SMH) NVDA red so this slightly red
Transportation (IYT) 63.80 area now important support with 66-67 the area to clear for health
Biotechnology (IBB) 135 support 140 resistance-big eyes here this week
Retail (XRT) 75-80 trading range to break
iShares iBoxx Hi Yd Cor Bond ETF (HYG) Ended the week on critical support 76.85 area-so watch carefully this coming week
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