Stocks and indices are turning over, look at the EMAS/SMAS, all turning over, when this happens profits on the longside can become shortlived especially when the pressure is slow heaviness vs a total panic where you get extremely fast selling and markets flush out. I have no bias here but I am ready if things start speeding. Look what happened last March on those days where we were locked limit down for days in a row. Guys that bought names hoping* for a bounce were dead and it almost seemed bottomless, until it didn’t capital preservation is key if you are chasing breakouts here you are in for a world of pain, people rewarded for that all of 2020 and 1st half of this year.
FB- if markets get violent i am looking vs that 200sma 315 area to buy
AMZN- looking vs 3100 if things really flush out, 200 sma broken
GOOGL- ideally wash out to 150 sma 2470 area this seems like a lot I know but if markets get violent on downside I am giving myself room
MXC- multiyear breakout on trend in the right sector- i am looking in coming days vs 14-14.50 area
MRK- still looking for a breakout but I accept that the moves on breakouts here havent been great nothing like BNTX MRNA NVAX not at all, trend join post 10am either way no bias but think once momentum builds will have 2-3-4$ move
QQQ- watching vs 150 sma 347.
TQQQ- would trade a washout vs 116, if more violent going to 200sma around 111
VXX- i am looking long vs 26.80 , see what kind of gap up/down we get tomorrow
CEI- looking vs 3.30 for short trade think we can get a fade toward 2.50
GOGO- looking vs 16.60 for a long trade
XENE- gapping up after hours ideally blow off top for ss, but I will probably leave alone, thinking there are easier trades out there
AMC- short vs 38.-38.50 ideally back to that 33-34 range
GME- join short post 945am
Zzzzz
I couldn’t agree more Josh. I’ve noticed not much is going through even small resistance better take profits while you can for this market
Thank you