Traders,
I hope you all had a wonderful Thanksgiving!
Several of my ideas from last week not only played out to a T, but also remain in play for higher lows /continuation.
There was also a nice uptick in small-cap activity at the backend of last week, so I expect and hope for continued increased liquidity and range with day 1 small-cap gappers. That will essentially come down to whether the IWM can remain above its prior resistance at $245 and establish support.
Similarly, in the overall market (SPY), I’d like to see dips into the 20-day/50-day SMA find support and establish a higher low. That would give me great confidence in momentum into year-end.
Alright, let’s get into a few ideas for the upcoming week.
Relief Bounce in SMR: Similar to my plan and trade in MSTR / IBIT from last week, I’m looking for a relief bounce in SMR. After a significant selloff, the stock finally bottomed out last week and closed near the 10-day SMA. I’ll be looking for a push above Friday’s high and 10-day SMA as entry, so long as we base above that level. I’ll have a LOD stop and trim into intraday strength whilst holding a core for a multi-day bounce opportunity. I’ll be looking across the sector for signs of relative strength. For example, OKLO might be another name I consider using to express the idea.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Higher Low in Bitcoin / Ethereum: One of the standout opportunities from last week was the relief bounce trade in Bitcoin / MSTR / Ethereum. Going forward, I’ll be looking for a pullback toward the 10-day/5-day or prior key support levels. I’d like to see a higher low confirmed on the hourly chart to set up a potential re-entry against the day’s low, for another multi-day opportunity.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Long Scalps in OPEN: Incredibly choppy name within this higher timeframe consolidation. The only interest I have is on a shorter timeframe, whilst it remains in this range, sub $9. If it builds above Friday’s high, I’d be open to looking for consolidation breakout opportunities, targeting a move toward $9. If this, in the coming days or weeks, holds above $9, I might shift my focus to a potential swing trade…but that’s a long shot for now.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Breakout in LMND: A bit late to the party, given its multi-day move off its 10-day SMA. However, I’ll keep this on my radar going forward, given its bullish consolidation near critical resistance. If this continues to build, followed by a breakout through $80, I’ll look to be long against the LOD for a multi-day swing long.
Additional Ideas:
RKLB: Watching for a move above last week’s high to join the trend for a multi-day bounce opp, possibly toward its 20-day.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
GME: Strong move off its 52-week lows. No plan as of yet, but I’ll keep it on watch given the increased attention online—ideally, further extension to the upside.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
SLV / GLD: Impressive breakouts last week, as previously mentioned re: GLD long idea last week. Continuing to watch closely for dip-buys and momentum.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
SMX: Liquidity is likely to dry up here. However, if it has a failed push higher and a sharp fail, I might join the trend for intraday short scalps.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.