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Momo Market Roundup, 1/26/2022 — Powell Spoke, Market Broke 

 January 26, 2022

By  spectre_trades

Well, today was a crazy one. Microsoft (MSFT) saved tech with their earnings report last night, giving us a nice little gap up. Otherwise, things looked bleak.

FOMC came and went ... Powell spoke ... and the market broke. SPY was missing candles on TradingView, it dropped so quick.

Edumomo member Moe called the top for SPY and many of us got short at our 443.5 watchlist level. Epic. The 440 puts went from $1.50 all the way to $11 at our 430 target. Dope. 

Lots of names on the list continued to offer great range, including Coinbase (COIN), Apple (APPL), Microsoft (MSFT), and Shopify (SHOP).

AMZN Gives Up 50 Points

Amazon (AMZN) gave us a short opportunity as it broke our 2890 watchlist level and offered us over 50 points of downside. The 2890 puts went from $35 to a high of $80 before the recovery, only to end the day at $100.

FOMC Sinks TSLA's Battleship Ahead of ER

Tesla (TSLA) showed relative strength headed into its ER, but after FOMC it gave up the gains and buckled, breaking the 950 watchlist level and dumping straight to 910. The 910 puts went from $25 to a high of $46 before a nice rally.

We have our eyes on TSLA to see what effect the ER has on tomorrow's action.

Member Trade of the Day

Edumomo member Enterprise2828 made the most of the bloodbath, shorting SPY and SHOP with put options to end the day 14% ahead! Nice.

spectre_trades


Momentum Trader. Technical Chart Analyst. Always on the hunt for 3x or better reward to risk.

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