$SPY Downside Action
SPY continues to get pummeled. Any rally is shorted fairly quickly. We are very curious what is in store for the rest of the week. Using the levels we noticed exhaustion at our 402.6 level for a possible short.. It was great risk reward and it paid nicely. The 4000P was about 7-9 bucks and went to a high of 60 near our 394 level.
WE ARE ALMOST TO THE 380-390 TARGET -- If you recall I had mentioned this short idea back in mid April. I'm looking for gap down reversal day from Thursday onwards.
$AFRM Double Top
AFRM gave us a great short entry with commons during the morning double top against our 17.3 level… it went right into the 15.6 and continued lower ending near 14.5. If you got in on the watchlist level and risked 50 cents that is a nice 1:5 risk reward! Can you believe this name used to be near 180++ dollars? Wow this market has been extremely brutal to growth!
TSLA also continues to get beatdown with the rest of growth. It gave us a nice double top against our 810 level.. It then proceeded to break 4+ levels and end up near 732. Absolutely insane selling day today. 750P were dirt cheap at around 6-8 dollars.. These ended up ITM and about 34 bucks. We are wondering if Elon will still be able to buy Twitter if the markets keep falling like this?
Two Hour Trader Student Results
One of our students had their birthday today.. and gave themselves the gift of nice account growth! Happy Birthday pneal!