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Can This Weight-Loss Drug Stock Go to $1,000?


SPX futures are -5 as we see if 5402 holds or if they shake the tree this week. The trade is very narrow. There is some concern about rebalancing to end the second quarter, so stay on your toes. The recent SPX high is 5447.

Last week, the SPY dip was buyable for a move to $544.12 post-CPI. Now, we see if this week is the same. Active support is in the $539-$540 area.

Now let's dig into some individual names:

LLY, the weight loss drug leader, has given us tones of setups this year, which we've covered extensively. The last one was to clear the $800 area. It hit $885+. It needs to hold $852. If it does that, it can hit $1000+ can happen.

TSLA keeps proving it's worth ignoring as it hasn't been special since last December. They sold the vote and Elon's speech. There are tiny tactical things to do. Otherwise it’s an avoid. Friday's low is $176.92 if you navigate this.

MSFT was a focus as it reclaimed all the moving averages around $423. It hit an all-time high last week at $443+. It still looks good but we need to manage size. It needs to hold $433 now.

FXI: China had a nice first half 2024 move. Then FXI went from $29.53 down to a low of $26ish on Friday. It could be time to accumulate again. I did buy some calls back.

Your Tip for This Week: Take a Blue Collar Mentality

Trading isn’t about turning on your screens and swinging for the fences each day.

It’s about hitting singles and doubles. Success comes from showing up and doing the work every day, the same way carpenters, ironworkers, and plumbers put together a building.

For traders, this includes forming an effective trading plan, observing the market, and aiming for consistent profits.

I’ve seen a lot of traders search and search and search for some kind of secret sauce.

Hard, steady work is the closest thing to it.

This Week's Calendar: Pretty Light

Scott's Positions Disclosure as of 2024-06-17 at 9.55.32 AM

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