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  • Writer's pictureTrader Stewie

AoT Top Pick Weekly Update 2024

Updated: 2 days ago

Hi folks,

I'm sure many of you are familiar with the Art of Trading "Top Pick of the Week" Strategy. I thought this strategy up in mid 2021 and decided to put it into practice in 2022. Since then the strategy has become VERY popular with Art of Trading members!

We've covered the Top Pick of the Week extensively on the Art of Trading blog since its inception. Basically the strategy uses a fixed $10,000 position size each week. A "Top Pick", which is sent to Art of Trading members Sunday evening is then simply bought on the Monday morning open and then simply sold on the Friday afternoon close. The position size stays fixed ($10,000) each week. Very simple and straight forward!

I developed the strategy for those that have professional lives and full time obligations outside of the market and can't always be around screens to trade. It provides a way to be involved in the market with very little effort!

Since I've made this strategy live the Top Pick of the Week returned:

A full analysis on the strategy since inception can be found [here]

At the end of each week I update the Top Pick of the Week blog post with the results so its easy to follow along and adds transparency!

Below are the live stats for 2024 (1 week lag)! Be sure to check this post each Sunday evening for a new update for the previous week!

***A small modification to the strategy might be warranted in the case of overbought and oversold levels in the market. Occasionally the market will reach these conditions and it may make sense to hold off on the "Top Pick" when these conditions are met. The chances of the market making a sharp countertrend move during these times is heightened. These conditions are rarely met so it doesn't change the overall strategy in a major way.

2024 Live Stats:

*Based on a $10k position

Percent Gain after Week 7: + 12.00%

  Profit / Loss after Week 7: + $1200

  • Week 1 Top Pick: $BAC

*** NOTE for Week 1:

I sent a quick email to Art of Trading members for Week 1. I opted to wait to see how the market opened the first day of the year (January 2nd) instead of just jumping in. I wanted to see if there were any relative strength leaders to get a better feel for the Top Pick.

Here was the note explaining my thoughts:

"Hey folks, 

It was a pleasure working with you all in 2023! Look forward to doing it again in 2024! 

As far as this week's STOCKS TO WATCH list & AOT Top Pick strategy, I have the list ready to go but I'm going to wait until after today's close to send it out. I want to get a feel for how the first day of the new year goes. 

Thank you and happy trading!"

$BAC: (long setup) forming a tidy bullish flag pattern up here with good relative strength to start the new year. Looking for more potential upside this week. 

Target: $38 to $40

$BAC opened strong Tuesday putting financials on the relative strength leaders list. Wednesday $BAC traded slightly below Tuesdays low but was able to reclaim it and close relative strong on the day. Thursday $BAC attempted to breakout above $34, it traded above that spot but faded mid day. Friday $BAC made the breakout and closed strong!

$BAC traded up +2.32% on the week starting Wednesday, giving the Top Pick of the Week portfolio a strong start to 2024!

  • Week 2 Top Pick: $UPST

$UPST: (long setup) Looking for more potential upside this week since the stock pulled back about 35% in the last few days. It pulled back 6 days in a row. Looks about ready for a bounce going into the week. I'm liking the risk to reward profile here. 

Targets: $40 to $42

$UPST started the week quite strong trending steadily higher into Wednesday. Thursday through Friday the stock wasn't able to shake off weakness, closing down -6.47% on the week. The Top Pick of the week takes a systematic approach which thrives on averages. Just a minor bump in the road.

  • Week 3 Top Pick: $INTC

$INTC: (long setup) forming a tidy pullback here to settle at the 20 day MA (Holy Grail Setup) and several narrow ranged candles. Looking for more potential upside this week. 

Targets: $51 to $55

$INTC opened down slightly Tuesday morning, which wasn't necessarily a bad thing giving a strong potential entry to the Top Pick of the Week. Wednesday though Thursday $INTC tried to hold on to opening gains but faded into the close. Friday ended up being the reversal day making a +3.02% move. Closing the week out on a strong +2.49% gain.

  • Week 4 Top Pick: $COIN

*** NOTE for Week 4:

The original Top Pick of the Week idea was $S for the Monday morning open. Earlier that morning the stock caught an upgrade and gapped up +8% so before the 9:30 AM EST open that morning I sent an email to all AoT members to skip it because of this condition.

Later on that afternoon I sent a new Top Pick of the Week idea $COIN to be bought the following morning, Tuesday. For Week 4 $COIN was the Top Pick of the Week.

$COIN: (long setup) made a nice 37% pullback recently. Made a nice hammer  reversal candle on Friday. 

Target: $145 to $150

$COIN chopped and churned for the week but offered a low risk entry Tuesday morning. The lower entry allowed the idea to perform on the week, although not as strong as I had anticipated.

$COIN traded up +2.27% on the week starting Tuesday, pushing the Top Pick of the Week portfolio back into positive territory year-to-date!

  • Week 5 Top Pick: $S

$S: (long setup) Looking for more upside this week since the stock made a smooth and steady pullback to the 20 day MA after last Monday's analyst upgrade. 

Targets: $30

$S Made a gap up open Monday morning holding that strength and closing near highs on the day. Tuesday through Wednesday the stocks sold down but made a recovery Thursday through Friday. Overall a choppy week for $S closing down -1.75% on the week. Overall the setup remains technically sound but volatile near the $28 point of resistance.

Stay tuned for more exciting updates and ideas next week!

  • Week 6 Top Pick: $SOXL

*** NOTE for Week 6:

We booked the gain on $SOXL around 11AM EST Friday. I sent an alert to AoT members stating my intentions to book the profits on the Top Pick. The price at that time was $38.85!

"This AOT TOP PICK trade hit targets for this week. Suggest you close this trade now and no need to wait until Friday's/today's close."

$SOXL: (long setup) An orderly pullback with a strong looking falling wedge setup. SEMI's have been relative strength leaders so I'm looking for a reversal trade higher this week.

Target: $37 to $39

$SOXL opened and closed with strength on Monday then made a move lower Tuesday. Tuesday ended up being the low for the week as $SOXL rallied strongly higher Wednesday all the way into Fridays close.

$SOXL traded up +12.45% from the Monday open into our early exit on Friday, pushing the Top Pick of the Week portfolio to +11.31% YTD!

  • Week 7 Top Pick: $AMD

$AMD: (long setup): A very constructive consolidation pattern here on the rising 20 day MA. A leading stock from the super strong Semis sector. Volume patterns continues to look very impressive! 

Targets: $190 to $200 

$AMD opened and traded nearly flat on the Monday. $AMD Opened with a gap down Tuesday but was able to recover by the end of the day and close near Mondays closing price, more or less a "shake-out" day. Wednesday ended up being a strong trend day but Thursday and Friday ended up giving the majority of that move up.

$AMD ended the week higher with a small +0.69% gain. The Top Pick of the Week strategy closed out +12% YTD. A strong start to the year!

Stay tuned for more exciting updates and ideas next week!


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