Trading notes: Over the last two trading sessions there has been a return to the mega cap rally, which is done at the expense of most other non-related tech stocks. A lot of what I track when evaluating the market internals suggests a market that outside of about 7-8 stocks [...]
Today's Reading for 6/26/24: 40.48 Current Reading: Neutral Additional Notes: Very close to a downgrade on this oscillator, as the divergence is getting so wide that it flirts with a potential bearish rating while the S&P 500 sits just below all-time highs. With as large of a divergence as this [...]
I closed KLAC at 806.07 for -0.1%. Hard reversal on this bounce play. Lowering exposure.
I closed FANG at 195.41 for 0.2% profit. Broad based selling in energy sector, WTI draw far larger than expected.
Trading notes: Yesterday, stocks reverted back to its old playbook of buying mega-cap tech plays at the expense of everything else, resulting in horrible breadth for the market while NVDA was able to add and additional $200B+ to its market cap. That could very well be in the cards again [...]
Today's Reading for 6/25/24: 41.20 Current Reading: Neutral Additional Notes: We're at a point here where stocks as a whole will continue to struggle as long as NVDA remains bullish because as NVDA rallies, it is at the expense of all the other non-tech related stocks, that sell-off to push [...]
How to swing trade a gravestone doji candle: Is it a stock market rally killer? In this video I will go over the gravestone doji candle pattern that has formed on the Nasdaq 100 (QQQ) weekly chart and what that means for stocks in general, as well as analyze how [...]
New Long Setup: KLAC I BOUGHT KLAC at 807.06 My stop-loss: 791.40 My Target Price: 875.00 Risk Rating: 3.6
Trading Notes: Yesterday saw the everything else rally play out as NVDA, and other tech plays weighed heavy on the large cap indices, while breadth was extremely positive and managed to advance all of the other sectors on the day. With NVDA having pulled back over 15% from last Thursday's [...]
Today's Reading for 6/24/24: 43.16 Current Reading: Neutral Additional Notes: Again, a day where the bearish divergence between the SMO and the S&P 500 shrank as the market sold off for a third straight day, while SMO remained flat. For a fourth day, very little movement or change in the [...]
I closed NFLX at 669.46 for a +4.3% profit.
New Long Setup: FANG I BOUGHT FANG at 195.10 My stop-loss: 190.31 My target Price: 210.00 Risk Rating: 2.8
