Short but a wild week! $AMC continues to keep us entertained and offers many short-term trading opportunities. $NVDA is making new highs every day. Several other stocks are setting up to move which is confusing due to the weakness across the indexes. The moves in names such $BB, $BBY, and $TLRY have appeared to dissipate today. However, with so much turnover of the floats of these companies coupled with the massive option buying this could actually lead to a stabilization of prices. I am not saying we are going straight up but this is a very different situation than $GME. For example when $GME had its massive run based upon a short squeeze. A true short squeeze is when you are being called to cover due to the shares being recalled or your margin requirements are not met. That is not the case here. For example, $AMC is readily available to short and no investment firm is having a liquidity crisis. What we are seeing is systematic buying and massive turnover. The turnover was so great on $AMC that we are trading 2 million shares a minute at periods during the day. Secondly, over 50% of the buying over the past two days has been in dark pools. For those that are not aware Dark Pools are private exchanges for trading securities and are created in order to facilitate block trading by institutional investors. The public has zero access to these transactions. Very simply expect the volatility in these names to continue.
The $SOXX looks ready for a rest. The $QQQ clearly rejected the $337 level and we have tested the 50-day moving average as we stated last Tuesday could be the case. I do not see anything broken. we are simply basing and this provides us the opportunity to buy the names we like. The $SPY continues to form a wedge. Letβs see how this plays out. It does look like another rotation is underway. the $XLE, energy sector, broke out to close over $55.55. This would be a significant breakout on the weekly chart should it hold here tomorrow. The $XLF continues to grind higher and looks attractive. The $IWM tested $231 and was rejected. It looks to already be setting up for another try. $TNA is the 3x ETF that can be used to trade the Index. Key levels are marked on the charts Please read all the notes a lot of stops have changed.
Expect a very volatile day tomorrow. Letβs do this!
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Letβs look at our stocks!
Subscribe to YouTube! πSubscribe and turn on notifications. Below is a video of Thursdayβs stock market action and a game plan for tomorrow. Itβs packed with actionable ideas. I walk through several trades. Consider making these videos a daily part of your routine. I go over the lessons from the trading of the pro series during them and point them out in real-time situations. I walked through the $AMC and $UPST trades step by step in this video.
As always all investment decisions need to be made by the individual. We all have different risk profiles.No two people trade the same. Understand the buy points, stop losses, trims are suggestions. For example on stops. I want to see it close there at the end of the day.
You need to develop your own process. I am willing to help and offer feedback.
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