Tesla, Gold and QQQ… Opportunities Abound as Bulls Seize Control

The bulls have taken control of the market and everything is going their way. There’s been an appetite for risk I haven’t seen in quite some time, and I see more stock market opportunities for Q1 2023… 

Because when the appetite for risk is back on, it’s best to ride the wave. 

Looking at the market Friday morning, we were down because of poor earnings and forward guidance from Intel Corp. (Nasdaq: INTC), which reported after the bell Thursday. But then we were off to the races once the bell sounded…  

Speaking of stock market opportunities for Q1 2023, did you see Tesla Inc. (Nasdaq: TSLA)?! It was up 10% by lunchtime Friday as this beaten-down stock has been on an absolute tear to start 2023, up about 50% on the year. 

It’s ripped from about $110 to over $175, and Tesla will continue putting other EV companies out of business — ahem, Rivian… But it’s too explosive to buy right now, so I’d wait for a pullback. 

The Nasdaq 100, tracked by the Invesco QQQ Trust Series 1 (Nasdaq: QQQ), has gone straight up in this unbelievable start to the year. By Friday morning, the QQQ had ripped from $260 to $290, and it hasn’t had a down week yet this year. 

Just look at this rip since the new year…

stock market opportunities for Q1 2023

All that said… 

This pace is not sustainable and I expect a pullback right around the $300 level, even as soon as next week when we start a new month. After topping around $300 and then a pullback (note the lower pink line in the chart above), I see a test of August 2022’s highs (the upper pink line in the chart above) as the first quarter marches on. 

Stock Market Opportunities for Q1 2023

If you’ve been following along for a while, then you likely know I’ve been a steady oil bull…

And one of the guys I follow who’s a specialist in energy said he believes we could see oil hit $200 a barrel by Q3-Q4. Now, that’s higher than I think… 

I see oil hitting between $125-$150. Either way, this is mega-bullish for oil stocks. But black gold isn’t the only trade that looks interesting moving forward…

Gold has started to stall out some, but I see it popping above $2,000 an ounce here in Q1, creating a massive squeeze. My favorite stock in this sector is Newmont Corp. (NYSE: NEM), a stock that’s in our Monthly Money Flows and Money Flows Elite portfolios for January. It’s done quite well, and I don’t think this move higher is over.  

I see it hitting $55 a share early next week, and here’s a weird tidbit about this precious metal that many people don’t know…

Gold loves moving on Monday morning gaps, so NEM has the potential for a big burst to the upside. 

I expect some rain, maybe some thunderstorms next week before we get more great, but all of this should make for great trading and incredible stock market opportunities for Q1 2023! We’re also in the thick of earnings season, so be sure and join us at 9 a.m. ET on Monday for Crush the Open. 

Last week, we discussed profitable trades in both Microsoft and Tesla, and there’s plenty more where those came from — see you Monday!

Are there any topics you’d like to see me cover or questions you’d like answered? Send me an email at jeff@joyofthetrade.com with your trading questions and I may cover them in a future video. You can also join my free Telegram channel, where I share market insights real time throughout the week, articles, videos and more!

*This is for informational and educational purposes only. There is an inherent risk in trading, so trade at your own risk. 

P.S. Don’t just survive the storm, THRIVE in the storm

Over the past year, I’ve built a reputation of nailing my predictions on the head… 

  1. January ’22 — Called the start of the bear market ✅
  2. April ’22 — Warned of the #1 recession indicator ✅
  3. May ’22 — Called for 20-30% drop in home prices ✅
  4. July ’22 — Called for start of “supercycle” in energy market✅
  5. December ’22 — Biggest trade of the year ✅

But now, I’m calling this “2023 Financial Hurricane” my biggest prediction yet. 

See How I’m Preparing