My Weekly Stock pick for Week 37 of 2022 (Sep 12 - 16)
Dear subscribers,
Welcome to My Weekly Stock pick #37 of 2022.
Summary
My Weekly Stock is our stock-picking strategy delivering more than 300% cumulative returns since 2019 and 4% in 2022.
Last week, our stock selection was up 1.6%.
Our stock pick for week 37 of 2022 is Amgen Inc. (AMGN).
Introduction
My Weekly Stock is based on a Momentum strategy, validated through our proprietary algorithm and years of research and back-testing.
We then developed a simple trading principle: 1 mega-cap stock pick per week to hold for no more than five days.
Learn more about our trading strategy here.
Performance
We measure weekly performance based on an entry at the Monday open and an exit at the Friday close. Cumulative and yearly performance assumes weekly results are compounded.
Our approach generates sizeable returns in absolute and relative to the SP500. Our weekly stock picks delivered a cumulative return of 300%, 5x the performance of the SP500 since 2019.
Last week, our stock pick (AMGN) was up 1.6%, adding to a +4% performance in 2022.
Access here our performance tracking
Market Outlook
The equity markets were up for the week, with the SP500 gaining 3.7%, the Dow Jones 2.7%, and the NASDAQ 4.1%. The S&P 500 broke its three-week losing streak in a broad-based rally. The index displayed strength despite several hawkish comments from FED officials and the European Central Bank's historic 75bps rate increase.
However, after 3 consecutive positive days, this rally is bound to cool down next week. We will likely experience more volatility next week, especially with the CPI for August released on Tuesday.
While the SP500 is firmly back above 4000, the ultimate test remains the 200-day moving average, a critical level that marked the end of the summer rally in August. Until it is successfully cleared, we will have low confidence that the bear market is truly over.
This Week’s Selection
Our stock pick for week 37 of 2022 is Amgen Inc. (AMGN).
Our confidence level is HIGH.
The confidence level is a qualitative assessment of the market conditions based on our own experience trading these stock picks. It can be a valuable tool to size your position and leverage.
Learn more about our trading strategy here.
Have a great trading week!
My Weekly Stock
Disclaimer
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Disclosure
We wrote this article ourselves, and it expresses our own opinions. We have no business relationship with any company mentioned in this article.
We do not hold any position in the stocks mentioned above, but we may initiate one in the next 48 hours.