[[Start here]] → [[Journals]] → 2023-06-14 --- While the FTSE AIM All Share appears to be languishing well below its 120 day moving average, the FTSE Small Cap index ex IT (SMXX) has almost broken out. I have some backtesting to do on this indicator for the SMXX, but it's been highly effective for the AIM All Share. ![[smx-2023-06-14.png]] The SMXX is a much higher quality index. According to our data at Stockopedia.com the average StockRank is about 70 in this index, with only about 120 stocks fairly equal weighted. So this is worth watching. There's been a series of higher lows, but not yet a higher high to confirm the trend. Anyway I'm beginning to deploy some more funds watchfully. I just don't like the FTSE Aim All share below - the 120 day moving average is still pointing downwards, and the index has not upheld the previous higher low. This is the more speculative end of the market, but it's indicative that animal spirits are yet to return. ![[ftai-2023-06.png]] I just think that until private investors return to these markets, that they are going to continue to struggle. There are a lot of headlines about a "new bull market" in the USA - but I see no evidence of this here yet. The triggert to go fully long has yet to be pulled. ## Stocks I've noted Nonetheless there are some good basing stocks around. I continue to rate Kitwave and Yu Group, and some energy stocks are breaking out of long, nasty bases. Nice to see Serica Energy bounce after I posted 10 days ago or so. ## Notes I've stocked I wrote a big piece today about QVM that will be posted on the Stockopedia next week. It's the last of our Strategy Map series, which has been a great refresher across a range of readings for me. It's been quite inspiring to look at the markets with fresh eyes - especially among value and momentum stocks. I was feeling a bit like I had nothing to say on Twitter, or nothing to think about regarding the markets, but whenever I just sit down and write, it all starts coming to me. Lots to do tomorrow but I shall try and get up early and nail some threads for Twitter. Do check some new notes I've written today, mostly annotating from my old Peter Lynch book - [[there are six different categories of winning stocks]] - check out the links within it. > > I want you to be everything that's you, deep at the center of your being. > — <cite>Confucius</cite> --- This is the [[Journals]] for 2023-06-14. #SMXX #FTAI