Recaps are a review and commentary on the morning watchlist. Recap comments are in blue.
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Good morning.
Thank you Fed for the dump yesterday.
Trying something for the first time to take advantage of SPY volatility.  Check out the Can we turn $2,000 into $50,000 Challenge? Please be patient as I’m still working on the page and how to manage this. It was a spur of the moment idea. If you have some ideas for the challenge, please message me on twitter or discord.
General market thoughts
Still short biased but many names are at support levels and we could get a bounce soon if we don’t break support and see continued selling. Price action is defintily starting to feel like selling is exhausted. SPY has had 7 red days in a row…
Market was really weak for most the day. Instead of the regular pushes and hold we got each morning we got steady selling after first hour.
Overall I’m going to take it easy today. Going to let the market tell me what it wants to do.
SPY
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Nice clean test of 253, bounce and break into 250. We're at a key area. In theory we should dump now into 240-245 over the next couple of days, but my spidy senses are telling to be prepped and ready for a sharp bounce. So will look for a push and test of 253 area to fail for more dumpage or for 245 slam for bounce. If we clear 253 and start to base and then continue higher, will look to get long. with tight stops.Recap
Wow couldn't even get to 253. double top on 252, break 250 again and then boom we got 245. Nice read on targets. [/vc_column_text][/vc_column][/vc_row]FB
[vc_row][vc_column width="1/2"][vc_column_text] [/vc_column_text][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"] [vc_column_text]Pre-market Notes
FB out with some defence. Gene Munster out with best of FB is behind it and look to see it continue to lose users. So far 132 holding well. Ideally push 133 at open fails, fast drop to 130 and slow all day seller. Looking for 125-128 by end of day. If this hits 120-122 and bounces, I'm a buyer for a bounce/push back into 135 next week.Recap
Very very annoyed at this. I had described it to a member in the chatroom akin to getting the limo, getting the bottle of champagne, heading over to my date's house to pick her up and finding her kissing some other guy on the porch. Ended up net red but nothing out of risk tolerances. I had sized in for the breakdown and it just didn't appear. What's worst, is that given my attn on FB, I missed out on scaling in on other trade setups on other tickers that rocked. [/vc_column_text][/vc_column][/vc_row]XPO
[vc_row][vc_column width="1/2"][vc_column_text] [/vc_column_text][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"] [vc_column_text]Pre-market Notes
Looking for a short setup and sell off to potential new lows.Recap
Still holding up but lower highs. Check out the hourly chart. Easy to sine the line in the sand for a breakdown. No trades [/vc_column_text][/vc_column][/vc_row]ISRG
[vc_row][vc_column width="1/2"][vc_column_text] [/vc_column_text][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"] [vc_column_text]Pre-market Notes
Very thin trader but there were was some 450p flow as mentioned by @dc-bouncetrader and there was an NBC News article out last night that might trigger some selling.Recap
Nice sell of out of the gate. I couldn't decide on which strike and was too focused on FB -- missed the trade. The 467.50 puts went from 2.30s to 16! Damn you FB. [/vc_column_text][/vc_column][/vc_row]Earnings Action
WBA
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Revenue miss. looking for 69 break for more down side or dip and grind.Recap
Nice sell off but boring range. the 70p did go from .40 to 1.40 [/vc_column_text][/vc_column][/vc_row]MU
[vc_row][vc_column width="1/2"][vc_column_text] [/vc_column_text][vc_row_inner][vc_column_inner][/vc_column_inner][/vc_row_inner][vc_column_text][/vc_column_text][/vc_column][vc_column width="1/2"] [vc_column_text]Pre-market Notes
Held pretty well. Looking to buy dips if market finds support.Recap
Missed this trade also. Checkout the push at the open from 31.50 to 33. And then getting short on the lower high would have been gorgeous. [/vc_column_text][/vc_column][/vc_row]Pot names
TLRY
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Another deal/pump. Looking for early push, shorts come in, dump, and then secondary push to high on a short squeeze to test 90 and then I'll probably get some Jan puts.Recap
Nice pushes on 80s. Still struggling with that area and dips into 75-76 found buyers. Overall I think strength is still met with selling and patience is need for more lows. [/vc_column_text][/vc_column][/vc_row]If not a member, please join me at Black Box Stocks for real time updates/alerts.
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