Weekly market prep:
I am not trying to short this tape.
SPX is strong.
Nasdaq is strong.
Equal-weight QQQ broke out of a large base.
RSP is pushing toward/all around highs.
That is not the tape I want to fight.
The focus this week is not "find the top."
The focus is:
Strong names
Pullbacks
Retests
Higher lows
Clean places to define risk
My main focus list:π§΅π $TSLA $CRWD $CRWV $IREN $SMR $NBIS $ANET $ASTS $RKLB $LUNR $PL $HOOD
$HIMS
Why is $HIMS circulating right now? What do you all see here? I see a beaten down stock under the 200ema still with a ton of potential OH supply. Must be a long term thesis thing?
$DDOG
13.5% pullback from high to low in three days. Seemed like the POG of 244.62-239.15 was testing and holding. Also tagging the 8ema. Trying to find a risk managed way to get involved with a hot name. The selling at EOD does not give me confidence with this one, paired with the $NQ selling over night. We will see where we actually open.
Long: 245.38
Stop: 239.14
Stocks donβt go up everyday, keep on calling top and soon you will get your βI told you soβ moment.
Digestion, pullback and correction are all normal and healthy in a bull market.
How you want to handle them depends on your timeframe and risk tolerance.
Know yourself.
βFar more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.β
~ Peter Lynch
@SRxTrades Yup, been watching this go without me. Super strong name. beautiful reversal look a few weeks ago and now a strong trend. Definitely a place to be and watch