March 19, 2024 - The RightLine Report 

 
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                      NOTES FROM THE EDITOR
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I'm amazed at how untested beliefs and opinions influence one's ability to make money. For example, some traders think a complicated trading system is needed in order to be successful. In fact nothing could be further from the truth. Though misunderstood and misapplied, the old adage to "keep it simple" is still effective in most areas of life - and especially true in the stock market.

I grew up in a typical American neighborhood with the usual opinions about money. Our beliefs were grounded in the good old-fashioned work ethic. It was made very clear that the harder we worked, the better things would get. In a number of ways this was true - the hard work did pay off for many. However, there were plenty of folks in our community who worked very hard and were never able to reach a comfortable level of success.

As time went by I began to realize that hard work wasn't the only important factor in financial achievement. At the same time I became aware that some of my beliefs about money and the markets weren't helping me. I was convinced that the capital game was like an elaborate maze, a sort of complex high-stress puzzle that could only be solved using sophisticated means. In my early trading days I fell into the trap of thinking that technology was the solution.

There's no question that technology helps us trade more effectively, yet only if our method is reliable. "Reliable" doesn't mean complex. Over the years I've found that most successful trading methods are fairly simple.

Complex doesn't always equal better. On the flip side, over-simplification can have negative effects. All successful traders maintain a balance, with most leaning toward the simpler side of the equation.

Just remember that when trimming back unneeded elements in your trading approach, be sure to avoid increasing risk. Also include some type of technical analysis that uses support and resistance to time entries and exits. And yes, keep that risk management component in place to prevent account damage.

Trade well,

~ Thomas Sutton, Editor 

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                           "QUICK LIST"
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Stock     03/19     03/19      Buy      Short   Trailing Stops     Gain 
Symbol    Price      +/-      Entry     Entry   Initial/Tighten   Amount 
------  --------  --------  --------  --------  ---------------  --------

MYGN      21.60     -0.03     22.21     20.79        1.42/0.71      2.36
SNDX      22.22      0.29     22.75     21.06        1.69/0.85       2.2
RGNX      22.39      0.05     23.26     21.32        1.94/0.97      4.36
DQ        26.23      0.02     26.79                  2.01/1.01      2.26
PAY       22.39      0.01     22.89     21.17        1.72/0.86      1.24


The "Quick List" provides a brief summary of each stock write-up and should be taken in the context of the related write-up presented in the "Stocks Covered in This Issue" section of this Report.

Be sure to read "How To Use The RightLine Quick List" at https://prorightline.com/index.php/rightline-report-quick-list/. In addition,always use the RightLine Risk Calculator before entering any position. For access to the Risk Calculator, go to https://prorightline.com/index.php/risk-calculator/.

To learn more about controlling risk go to the RightLine Risk Control System at https://prorightline.com/index.php/rightline-risk-control-system/

For a glossary of terms unique to The RightLine Report go to: https://prorightline.com/index.php/glossary/

Questions? Send us an email using our contact form at: https://prorightline.com/index.php/contact-us/ 
 
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                           MARKET SUMMARY
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Stocks ended the day higher on Tuesday, recovering from morning losses, with the S&P 500 posting a 0.6% gain. Leading the charge were sectors such as energy, consumer discretionary, and utilities within the S&P 500, each registering around a 1% increase.

Meanwhile, Asian markets showed a mixed performance overnight following the Bank of Japan's decision to lift policy rates out of negative territory for the first time since 2016. Treasury yields dipped, with the 10-year yield settling at approximately 4.3%, while the 2-year yield closed around 4.7%. In Canada, inflation data surprised to the downside, with headline consumer price index (CPI) inflation rising by 2.8% year-over-year, falling short of the consensus expectation of a 3.1% increase.

Attention now turns to WEdnesday's FOMC meeting, where the Fed is anticipated to maintain policy rates at 5.25% - 5.5%. Alongside the policy-rate decision, updated economic projections will be released, with a particular focus on the year-end fed funds rate projection. Median Fed projections from December pointed to a 2024 year-end fed funds rate of 4.6%, indicating approximately three 0.25% interest-rate cuts from the current rate.

In housing market news, February's data showed strength, with housing starts and building permits surpassing consensus expectations. Housing starts reached a seasonally adjusted annual rate of 1.52 million, up nearly 11% from January and roughly 6% higher than February 2023. Building permits for privately owned housing units, a leading indicator for future construction, were also at a seasonally adjusted annual rate of 1.52 million in February, representing a 2.4% increase from the previous year. Despite challenges posed by higher interest rates, resilient construction activity, fueled in part by limited supply of existing homes for sale, bodes well for US economic growth in the coming quarters, especially if the Fed enacts anticipated rate cuts and mortgage rates decrease.


                       Mar 18, 2024           Mar 19, 2024   
                  --------------------   --------------------
Dow                 38,790.51    75.74     39,110.76   320.33
Nasdaq              16,103.45   130.27     16,166.79    63.34
S&P 500              5,149.49    32.40      5,178.51    29.09

NYSE Volume                      4.06B                  4.04B
NYSE Advancers                   1,430                  1,949
NYSE Decliners                   1,386                    866

Nasdaq Volume                    5.04B                  4.77B
Nasdaq Advancers                 1,882                  2,482
Nasdaq Decliners                 2,388                  1,755

                                 New Highs/Lows

                   03/12  03/13  03/14  03/15  03/18  03/19
                 --------------------------------------------
NYSE New Highs       180    282    138    106    141    175
NYSE New Lows         25     23     59     53     39     34
Nasdaq New Highs     131    189     95     84     97     93
Nasdaq New Lows      125    121    196    140    128    126

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                              TRADER'S TIP:  
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TRADER'S TIP: "Hi-Tech Trading Platforms"

A direct access trading platform will help a good trader make more money, but it does nothing for those who are still trying to grasp the basics of the stock market. Success in this business is more dependent on accurate chart interpretation than buying the newest hi-tech software or hardware.

Huge profits are made each month by long-time professional traders who still use the phone to place their orders and manage open positions. As your execution and trade management abilities improve, it becomes obvious that what you know is far more important to your bottom line than any state-of-the-art trading platform. 
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                         THE TECHNICAL ANALYST
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This section contains important technical data for the three major market averages -- the S&P 500, the Nasdaq Comp Index, and the Dow Industrial Average.

For guidance on how to use this information, go to: https://prorightline.com/index.php/technical-analyst-section-rightline-report/ 
https://www.prorightline.com/rlch/031924SPX.jpg





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                             MARKET CALENDAR
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--ECONOMIC REPORTS AND EVENTS (all times are Eastern): 
MONDAY, MARCH 18					
10:00 am	Home builder confidence index

TUESDAY, MARCH 19					
8:30 am	Housing starts	Feb
8:30 am	Building permits	Feb

WEDNESDAY, MARCH 20					
2:00 pm	FOMC interest-rate decision				
2:30 pm	Fed Chair Powell press conference
				
THURSDAY, MARCH 21					
8:30 am	Initial jobless claims	
8:30 am	Philadelphia Fed manufacturing survey	
9:45 am	S&P flash U.S. services PMI			
9:45 am	S&P flash U.S. manufacturing PMI	
10:00 am	U.S. leading economic indicators	
10:00 am	Existing home sales	

FRIDAY, MARCH 22					
None scheduled

For a chart of typical Up or Down market reactions to specific major US economic reports, go to "Economic Indicator Effects" at this link: https://prorightline.com/index.php/economic-indicator-effects/ 
 
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                              TRADER'S TIP: 
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TRADER'S TIP: "Using The Market Map"

While Charting and Technical Analysis gives us a map of the market by revealing the price levels where trading decisions need to be made, it doesn't make those decisions for us. It's our job as traders to pilot the journey by entering positions and taking the right exits along the way! 

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                      STOCKS COVERED IN THIS ISSUE    
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HEALTHCARE SECTOR

Myriad Genetics, Inc. (MYGN: Healthcare/Diagnostics & Research) - SQUEEZE PLAY. Sometimes when Bulls and Bears face off in the market arena for a typical day-long battle, there is no clear winner. This is evident when the daily price range contracts to an unusually narrow state. MYGN found itself in this condition on Tuesday when neither buyers or sellers were able to push ahead. This setup provides traders a chance to hop on board the next breakout - whether it's to the upside or down - with little risk of loss. To do this place a BUY order at 22.21 and a SELL short trigger at 20.79. When MYGN moves outside of Tuesday's range, one of the orders will be filled. Once you hold a position of shares, cancel the unfilled order and place a 1.42 trailing stop. After you've got a 2.36 profit, tighten the stop to 0.71. MYGN closed at 21.60 on Tuesday. Earnings Report Date: May 01, 2024. Beta: 1.96. Market-Cap: 1.941B. Optionable.

Syndax Pharmaceuticals, Inc. (SNDX: Healthcare/Biotechnology) - SQUEEZE PLAY. SNDX shareholders know what it feels like to be squeezed. Tuesday's slim price range reveals uncertainty on both sides of the table, a situation which often resolves itself by either Bears or Bulls quickly gaining a clear advantage. The question is "who will win?" Near-term market action tell us whether we should sell short or we should buy shares instead. SNDX closed Tuesday at 22.22. The plan is to enter in the right direction by placing a BUY trigger at 22.75 and a SELL short trigger at 21.06. Once SNDX establishes direction, place your triggered order. As soon as you are in the trade, place a trailing stop in the amount of 1.69. After you've collected a 2.2 profit, tighten the stop to 0.85. Earnings Report Date: May 06, 2024. Beta: 1.03. Market-Cap: 1.888B. Optionable.

REGENXBIO Inc. (RGNX: Healthcare/Biotechnology) - SQUEEZE PLAY. Tuesday's trading session left RGNX in a very narrow price range after buyers and sellers fought to a near stalemate. Both sides are looking for some traction, and a breakout either way could provide a nice gain in the short term. To get aboard, set your BUY trigger at 23.26 and your SELL short trigger at 21.32. One of the orders will be triggered by upcoming price action. When your market order is filled, cancel the remaining trigger and enter a 1.94 trailing stop. Once you have a 4.36 profit, reduce the stop to 0.97. Earnings Report Date: May 01, 2024. Beta: 1.27. Market-Cap: 1.097B. Optionable.

TECHNOLOGY SECTOR

Daqo New Energy Corp. (DQ: Technology/Semiconductor Equipment & Materials) - BULLISH BOUNCE. If you are looking for another bouncer with profits in mind, DQ fits the bill. Shares have been in retreat-mode lately, but now this stock is in the process of bouncing from support. Currently priced at 26.23, plan to buy shares at 26.79 and use a 2.01 trailing stop. Tighten the stop to 1.01 on a 2.26 gain. Earnings Report Date: Apr 25, 2024. Beta: 0.18. Market-Cap: 1.725B. Optionable.

Paymentus Holdings, Inc. (PAY: Technology/Software - Infrastructure) - SQUEEZE PLAY. The ticker for Tuesday's session shows PAY is now stuck in a tight price band. With the cyclical contraction and expansion nature of volatility in force, we should see a new period of price expansion in the days ahead. To improve the odds of catching the next directional wave, place a BUY trigger at 22.89 and a SELL short trigger at 21.17. When PAY starts moving out of its narrow range, your order will be triggered. Once you're in the trade, cancel the opposing trigger and set a 1.72 trailing stop. Upon reaching a 1.24 profit, resize the stop to 0.86. Earnings Report Date: N/A. Beta: 1.40. Market-Cap: 2.775B. Optionable.


IMPORTANT: Before entering any recommended positions, always use the RightLine "Risk Control System" to determine the level of acceptable risk and the maximum number of shares to buy.
Link: https://prorightline.com/index.php/rightline-risk-control-system/

Use "Gap Adjusted Entries" to reset the Entry Price for stocks that gap beyond recommended entry levels.
Link: https://prorightline.com/index.php/gap-adjusted-entries-increase-profits/ 

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                           STOCK SPLIT SUMMARY
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Below are the stocks that have announced splits and have recently executed or will execute soon. There is generally a return to normal price behavior in the weeks following a split announcement in what we call a "Dormancy Phase." As the stock nears its split execution date it often moves into the "Pre-Split Run" stage where quick and sometimes dramatic gains can occur. 
                             Announce     Eff.       Split
Company Name     (Symbol)      Date       Date       Ratio   Options  
---------------- -------     --------    -------     ------  -------   

NOTE: The number of stock split announcments goes up during Bull markets, 
and goes down during Bear market cycles. There are currently no upcoming 
stock splits that meet RightLine's proprietary criteria for split ratio, 
trading volume and price action.

For a closer look at the different stages of a Stock Split go to: https://prorightline.com/index.php/trading-stock-splits-stages/ 
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Best of luck and have a Great Week!
 
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