Arete Tuesday Newsletter.
Massive stock moves after hours. We are benefiting!
Massive moves after hours trading on the $NFLX news. The stock had its best earnings report in years. Moving the stock up over $60 points before the conference call. The $QQQ look ready to break out. $FNGU which we no longer have in the newsletter will be volatile tomorrow as its leveraged 3x and owns 9.18% of $NFLX. Possible trade idea on shorter time frames. $ROKU is up over $10 points as well on the news. As I have stated for some time, This massive amount of stimulus will drive monetary supply increasing the disposable income of shoppers.We are off to a great start to earnings season. Expect upside surprises in the larger cap names that sell goods. IE $AAPL.
In regard to the Indexes. Breadth was awful today. The majority of professional managers are bullish. The reading is now 106 which is the second highest on record. Usually this signifies a top. Jan 2018 was the highest on record. We know how that ended. Look at a weekly $SPY chart if you do not.My reasoning as you why this bull market will persist for some time has not changed. We continue to see money added from various group chasing performance. We still have record cash on the sidelines. The $SPY closed above minor resistance $378.46 and above the 5 day moving average. the slow grind higher continues. The $IWM is still the strongest. With no real pullback in sight the low was the 5 day moving average and we bounced right off of it.NOTE: $IWM minor support was moved up. The $QQQ have been setting up to lead and we might finally get that push. We are forming a small wedge off a large underlying base. Look for an open print above that level as an indication. Historically this is a volatile week. Lets be aware and be proactive. I have used OHLC charts in this newsletter versus Candlesticks.Please take a moment to look at the closes of the indexes and stocks next to key levels. Finally we moved stops higher on a number of names please take note.
Lets look at our Indexes !
Lets look at our Stocks!
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*For example there were key rejections points given today.
f you do not see a position and have questions please message me.Thank you again for all the messages telling me how this Newsletter helped your performance or made you better.
Eyes wide open this week !
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