Recaps are a review and commentary on the morning watchlist. Recap comments are in blue.
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Good morning all. Be sure to read the recap if you haven’t yet.
Also put out my first video lesson regarding flipping short and vwap this week.
General market thoughts
Well talk about a whipsaw. Moving forward we’re probably going to see more of this into 2019. Seems like lots of uncertainty and we got strong reactions in both directions. Ideally we get a gap down dump into first hour and then a strong red / green move bounce.and settle somewhere over Tuesday’s close. Overall I think the selling is overdone but we’ll see. Its also possible today turns into a capitulatory selling day. If we fill the gap in premarket higher with a small pop and stall, then break low of day, watch the reaction. If sell volume begins we may get a violent day 2 move to the downside (I think low probability but mentally prepared for it).
Not going to be putting too many notes today because there are so many ways this can go. Overall, I’m leaning in order of priority
- dip and rip
- pop on open short covering, then stalling and sideways action
- pop first hour, dump, break lod and selling after first hour.
The sell candle on the daily chart from Tuesday is ugly so how market acts today will be important!
What a sick day! If you didn’t have green today — seriously reach out. We got a mix of action. Dip, rip, then stalling, then break of low of day(lod), dump, and then recalim previous support! This is a strong reversal indication leading to a great push into the close. I absolutely love this pattern.
SPY
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Carnage. Key levels I'm watching 270-272/268/265/250Recap
Nice early dip then pop, then low of day break on the 265 support and dump into 262. Interesting how QQQs held and many tickers tested support at that time but weren't breaking down. Grabbed some SPX call around 15 bucks. Sold too soon but they ended the day around 65. SPY had a gorgeous setup for an afternoon run where I grabbed 268 and 270.50 calls that more than doubled. End of day vwap test and it started breaking over afterhours support/resistance area. I became interested after last vwap bounce and then push over 267. [/vc_column_text][/vc_column][/vc_row]AMD
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Looking for a test of 19.80-20. We hit this level in premarket. Hopefully we see it after the open so my puts will pay nicely.Recap
Unfortunately didn't get the big yank. Sold for 300-400% instead of the 1000% I wanted. Flipped long on the exit and sold into the 21 push and then moved on, wanted to get short again but it was a busy morning to manage so many tickers. [/vc_column_text][/vc_column][/vc_row]AAPL
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We're near 170 support. IF that breaks the previous support levels of 160 and 140 are back in playRecap
Dip and Rip setup worked out. Alerted around 171 for the long after the new low failed to continue. Popped into 174s by end of day. [/vc_column_text][/vc_column][/vc_row]NFLX
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Eyeing 250-260 areas for a long if big dump comes. overall will need to watch market and opening range.Recap
I guess I was too greedy with wanting 250-260 to get long. dipped to 265 in premarket and 267s held. Had an alert set at 266 and 260 to start watching it but those didn't trigger. [/vc_column_text][/vc_column][/vc_row]NVDA
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Recap
No trades [/vc_column_text][/vc_column][/vc_row]MSFT
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Recap
was talking about how I love 108 for MSFT and at 105 double bottom, this was a great long setup. I think MSFT sees 120 by Feb as long a no major meltdown in market. [/vc_column_text][/vc_column][/vc_row]GBT
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Held really well in a bad market still like overall long ideaRecap
Offering news ah. Under 10% dilution. Explains why this was struggling to get over 48 today. Someone knew offering coming. That said. Watch for the pricing to be strong. If it is, we should get the 50+ move by next week. [/vc_column_text][/vc_column][/vc_row]TSLA
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IF we have any dumps under 340-350, I want to get Jan or Feb 380 calls.Recap
This is easily the play of the day that I'm happiest about alerting. I alerted entry around $3 on the $260 weekly calls. These hit $10-11 bucks. Still holding swing trade for 380+. Nice upgrade and pop in premarket today [/vc_column_text][/vc_column][/vc_row]Earnings Action
HOME
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note enough volumeRecap
no trades [/vc_column_text][/vc_column][/vc_row]FIVE
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if volume holds 105, I like for a long. if we go red, I'm expecting 100 test or less.Recap
no trades [/vc_column_text][/vc_column][/vc_row]THO
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pop toward 60.50-61.50 I like for a short target 55, if we see 49-50 later in the day, I'd want to get some longRecap
no trades [/vc_column_text][/vc_column][/vc_row]China names
gapping down big. going to be watching pops for short covering and stalling for potential more downside.
Pot names
gapping down big. May still see some more down side.
These took a beating in the morning and then rallied like everything else. There are mixed thought about the new AG nomination.
CRON
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still like long idea for potential buy out. Ideally get this in 8s for July 2019 11 or 12 calls on the cheap.Recap
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Penny Land
I don’t trade these as much given the returns on options, but still like to watch.
