Arete Tuesday Newsletter
Wicked volatility comes to an end.
The wicked volatility comes to and end with a simple retest of the lower channel across all the indexes and a solid close above the major moving averages across the board. While we were stopped our of stocks we had gains and some small loses last week, this week is a different story. Breakouts are working and closer to bases making them less risky. For now we are back in the channels a break of those recent lows would be concerning but does not look in the cards.
We saw $GME and $AMC come in very hard from their massive short squeezes. I think it is important to note how much the High frequency traders and Algo firms actually added to the frenzy. Once the party was over it was retail holding the bag.Remember you can not beat someone in the market through force or will.We are playing against the most disciplined and smartest people in the world.Think of it like an ocean.You can not swim against the current.You will drown. Instead swim across it and live to fight another day.
In regard to the indexes. Fairly uniform across the board.We retested the lower end of the channels and held. We reversed to the upside through the major moving averages.The $IWM is back over the wedge yet still overtended. We have the beginning of a trend that could lead to testing the highs of the respective channels.The $QQQ is still the leader and the $SPY will grind. For those that took the $TNA trade consider using the low of friday as your stop.
Lets look at our Indexes!
Lets look at our ETF!
Lets look at our stocks!
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*For example there were key entry and exit points on $SPCE Monday. You can see the time stamps.
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Hump day tomorrow !
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