My Weekly Stock pick for week 9 of 2022 (Feb 28 - Mar 4)
Dear subscribers,
Welcome to My Weekly Stock pick #9 of 2022.
Summary
My Weekly Stock is our stock-picking strategy delivering more than 300% cumulative returns since 2019 and 10% so far in 2022.
Last week, our stock selection was down 0.8%.
Our stock pick for week 9 of 2022 is CVX (Chevron Corp.).
Introduction
My Weekly Stock is based on a Momentum strategy, validated through our proprietary algorithm and years of research and back-testing.
From there, we developed a simple trading principle: 1 mega-cap stock pick per week to hold for no more than 5 days.
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 more than 300%, 4x the performance of the SP500 since 2019.
Last week, our stock pick (AXP) experienced sizeable volatility. Our selection was down 0.8%, which adds up to a +10% performance so far in 2022.
Access here our performance tracking
Market Outlook
The markets closed the week positive but sufficed to say that it was far from an easy ride. The volatility was again high as investors digested updates on the situation in Ukraine. On Thursday, the SP500 was down 2.6% before rallying and finishing up 1.5%. The recovery continued on Friday and the indexes finished the week in the green.
In the week ahead, the Russia-Ukraine conflict will be at the center. We can expect more details about potential economic sanctions and what it means for the economy and energy prices.
The FED president is also scheduled to testify in front of congress. The investors will look for clues if the latest geopolitical events and the over-heated inflation reports impact the FED policies.
This Week’s Selection
Our stock pick for week 9 of 2022 is CVX (Chevron Corp.).
CVX has been up 23% in the last three months and hit a new 52-week high on Friday. The stock has been on a solid uptrend since October.
Oil hit the $100 mark last week before giving back some of its gains. We might have some conflicting news in the upcoming week between a potential deal with Iran and the situation in Ukraine, but the stock momentum remains highly positive.
Our confidence level is MEDIUM.
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.
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.