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I tried a few new positions today, a couple before the Fed meeting and one after the initial sell off. It looked like they may start gaining traction, but other then $NUAI they all flopped. We are starting to get short term oversold though. Implied Correlations are also getting to a more favorable level.
The seasonal picture is not great. The last weeks of June tend to be poor performing days before July heats up. Kell cycle is in consolidation/pullback before the next push higher. The Qs are at a crucial juncture. They are sitting right on the gap fill as well as some strong AVWAPs. We should bounce here in some way over the next couple trading days if this up move is going to continue.
Set up wise, I like $ARQQ as a short. You can see in its past that these swift rallies have potentially been good shorting spots. $CRWD is super tight. $UMAC closed below its 20MA so may be ready to try higher. $TENB has a nice flag. I tried $STRL today but it closed weak, I would try it again tomorrow.
Here is my watchlist for tomorrow:
$ARQQ
$BB
$MOD
$UMAC
$STRL
$VICR
$TENB
$CRWD
Warren Buffet is like the ideal of a rich guy for communists because he's barely sentient. He's like a bee dutifully making honey by instinct, and if he finds one day the beekeeper came and scraped his honeycomb clean he'll just keep on making more. A natural slave.
Warren Buffet is like the ideal of a rich guy for communists because he's barely sentient. He's like a bee dutifully making honey by instinct, and if he finds one day the beekeeper came and scraped his honeycomb clean he'll just keep on making more. A natural slave.
Nice sell off. Can't say I am that surprised given the SA going into today. I took a stab at a few things, $FLNC, $AEVA, and $BLLN. I was able to get out of the former two without even an R loss, so thankful there. I think we are getting into choppier environments here. Tomorrow may be another up day, followed by a down day, etc, as we slowly unwind some of the froth over the next week. But we will see. I will still try some names tomorrow no doubt.
Kell cycle is in consolidation. Bullish follow through today was crap, even bearish was a coin flip. Overall, a more difficult environment here.
Set up wise, I like how $IMVT and $ROIV both showed relative strength today. I am going to look to get into those in the next days. $BWA has a nice looking double bottom flag. Still watching $WEAT if it can pullback. $RXT also has a lot of strength and I would like to get in somehow.
Here is my watchlist for tomorrow:
$RXT
$BWA
$BTDR
$IMVT
$WEAT
$ROIV