Trader’s,
As I recently discussed at great length, with several examples, in my most recent Inside Access meeting, it continues to be a slower tape, and as such, extreme discipline, stock selection, and patience are needed. There are markets to press, and then there are times to be more conservative.
As we head into the new week, I’m focused on doing less, from an intraday and swing perspective, and solely focused on the various strategies that I have been outlining in recent IA meetings.
As things stand, for the upcoming week there’s nothing A or A+ on my radar right now, but of course that can change at a moment’s notice during the week. Whilst it’s fairly slow right now, that doesn’t mean that I will pay less attention to the markets. It’s so important to be present and ready to react should the conditions and environment change.
Long Scalps in SPCX: SPCX lands on my radar for its bullish technical setup and history of impressive intraday upward momentum through key levels. A lot will need to happen for this to play out intraday, including notable relative strength and the ability to continue holding above its 10-day SMA. If there is notable intraday relative strength and SPCX is holding above Last week’s high, I’d be open to intraday long scalps, thinking the high 140s-150s will be a magnet that fails, with that area as the target (closing position). Alternatively, I’ll be hands-off SPCX for another week+, see if it can continue to build its base, and then judge price action and see if we can grind up into 150 for a double-top short or a consolidation breakout entry (long).
*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 AMZN: Impressive strength in AMZN on Friday, which was particularly notable to me. If AMZN washes out / pulls back toward 263+ and reclaims, I will go long against the LOD for a swing. I think Friday’s recovery set a key level and a line in the sand going forward.
*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.
Pops to Short in FNGR: Exceptional volume traded in this small-cap on Friday. Apart from dilution itself, a ton of supply now exists overhead, after Friday’s session. A trade like this would be nothing more than a scalp to me, though. But given Friday’s range, liquidity and intraday reversion, it’s worth a place on my radar… or at least some alerts. If it pops back toward .55 – .65 and stuffs/fails to follow through, I’d short against the HOD, looking for a move back toward .40 or lower. Alternatively, while unlikely in my opinion, if it reclaims on lighter volume, it’s an avoid and I certainly wouldn’t short it.
*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.
Thoughts on Software: Software looks absolutely awesome, but I’m not chasing here after two days of impressive upside and follow-through. I think the upcoming week will be telling for IGV, CRM, NOW, and the many other software movers from last week. Let’s see if they pull back slightly and begin to digest the recent move. If they set up secondary 3-day + consolidations, I’ll look to buy the breakout for multi-day momentum thereafter.
*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.
Thoughts on Bitcoin: Bitcoin’s in the process of digesting its recent breakout move. I’ll be closely watching support near 43 in IBIT and Friday’s high as the two potential turning points that could lead to momentum in either direction. For now, though, I see nothing to do there. USDE remains on watch as a potential low-float theme runner should things firm up and continue in the short-term.
*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.