The Russell 2000 index $IWM retraced and bounced perfectly off the 38% fibonacci level. Actually it bounced twice, which created a double bottom at the 38% retracement level. This strong level of support suggests the bottom may be in and small caps may start to lead the market up again.
RSI overbought with MFI divergence, yields and oil rising. I don;t think this is sustainable. Took a small short position, but I think the reversal is tomorrow.
... for a .20 debit. Comments: Cleaning up stuff that is approaching worthless ... . Opened for a 1.73/contract credit. (See Post Below). Closing out here results in a profit of 1.53 ($153)/contract. Still left with the April 29th and May 6th "rungs."
IWM Looking like will lead us to the downside this week. The weakness comes at the top of the macro bear flag we cover in depth here. We post videos every Sunday to get your week ready!
Deere & Company ( NYSE:DE ) Sector: Producer Manufacturing (Trucks/Construction/Farm Machinery) Market Capitalization: $133.896B Current Price: $436.45 Breakout Price (hold above): $436.40 Buy Zone (Top/Bottom Range): $432.50-$421.20 Price Target: $448.80-$450.00 Estimated Duration to Target: 10-12d Contract of Interest: $DE 4/14/22 450c Trade price as of...
GlobalFoundries Inc. ( NASDAQ:GFS ) Sector: Electronic Technology (Semiconductors) Market Capitalization: $42.208B Current Price: $78.94 Breakout Price (hold above): $77.05 Buy Zone (Top/Bottom Range): $74.35-$67.40 Price Target: $90.20-$91.60 Estimated Duration to Target: 40-43d Contract of Interest: $GFS 5/20/22 80c Trade price as of publish date: $7.80/contract
Marvell Technology, Inc. ( NASDAQ:MRVL ) Sector: Electronic Technology (Semiconductors) Market Capitalization: $63.051B Current Price: $74.37 Breakout Price: $75.15 Buy Zone (Top/Bottom Range): $71.80-$65.10 Price Target: $79.80-$80.80 (1st), $86.20-$88.00 (2nd) Estimated Duration to Target: 30-32d (1st), 58-62d (2nd) Contract of Interest: $MRVL...
NVDA Corporation ( NASDAQ:NVDA ) Sector: Electronic Technology (Semiconductors) Market Capitalization: $695.069B Current Price: $276.92 Breakout price: $283.50 Buy Zone (Top/Bottom Range): $261.80-$240.50 Price Target: $314.80-$316.90 Estimated Duration to Target: 54-62d Contract of Interest: $NVDA 5/20/22 300c Trade price as of publish date: $11.65/contract
... for a .13 debit. Comments: Opened for 1.73, (See Post Below); closing it out here for a 1.60 ($160) profit. Still have April 22nd, April 29th, and May 6th rungs on which I'll either close or roll out as I get to them from a duration standpoint.
... for a 1.69 credit. Comments: With only .17 left in the April 8th 175, rolling it out to the <16 delta May 6th strike paying at least 1% of the strike price in credit. Total credits collected: 4.08 (See Post Below) plus the credit received here of 1.69, for a total of 5.77 relative to the May 6th 185 short put value of 1.81, so I've realized gains of 3.96...
... for a 1.84 debit. Comments: Filled for a 3.68 credit. (See Post Below). Closed out here via a good-until-cancelled order to take profit at 50% max. 1.84 ($184) profit.
The chart posted is one of the most important charts as it s decline was a perfect A=C IN A ABC TO .382 I have a panic cycle to start and be in full force on march 25th and the bottom for this year in the bear market is due april 7/10 date I have moved out of ALL LONGS ACROSS THE INDEXES AND I am now 100 % short sp 4511 and qqq at 354.6
$IWM Relative strength in small caps here. Broke above downtrend from ATH, looking for continuation. 📈$209.15 | $215, $220, $226 📉$204 | $200, $195, $190
ProShares UltraPro QQQ ( NASDAQ:TQQQ ) Sector: Miscellaneous (investment Trusts/Mutual Funds) Market Capitalization: $--B Current Price: $53.17 Breakout price: $52.40 Buy Zone (Top/Bottom Range): $50.15-$40.85 Price Target: $67.30-$68.80 Estimated Duration to Target: 40-44d Contract of Interest: $TQQQ 4/29/22 55c Trade price as of publish date: $4.20/contract
Reliance Steel & Aluminum Co. ( NYSE:RS ) Sector: Non-Energy Minerals (Steel) Market Capitalization: $11.816B Current Price: $191.50 Breakout price: $192.00 Buy Zone (Top/Bottom Range): $187.50-$181.50 Price Target: $209.20-$210.90 Estimated Duration to Target: 68-70d Contract of Interest: $RS 6/17/22 195c Trade price as of publish date: $11.30/contract
Regeneron Pharmaceuticals, Inc. ( NASDAQ:REGN ) Sector: Health Technology (Pharmaceuticals: Major) Market Capitalization: $74.451B Current Price: $685.94 Breakout price: $687.00 Buy Zone (Top/Bottom Range): $660.50-$603.40 Price Target: $812.00-$816.40 Estimated Duration to Target: 125-130d Contract of Interest: $REGN 9/16/22 700c Trade price as of publish...
Peabody Energy Corporation ( NYSE:BTU ) Sector: Energy Minerals (Coal) Market Capitalization: $2.923B Current Price: $21.88 Breakout price: $22.70 Buy Zone (Top/Bottom Range): $21.10-$19.40 Price Target: $26.60-$27.00 Estimated Duration to Target: 60-66d Contract of Interest: $BTU 7/15/22 25c Trade price as of publish date: $3.60/contract
I will say it again. Caution in all asset classes remains. How much risk are you taking on for how much reward you are expecting to acquire? Keep asking yourself that question. Better to be out of the market wishing you were in rather than being in the market wishing you were out.