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- Ace in the Hole - Edition #35
Happy Monday Traders!
I hope everybody had a great weekend and got a break from the charts!
We have a big week ahead of us in terms of economic data coming out and some interesting companies reporting earnings.
Let’s dive in!
Market Thoughts
What a crazy last week in the market. $SPY gained a total of .02%, but it moved a ton throughout the week.
Last week $SPY was breaking under the weekly 21 EMA and I was saying how that changes things for me.
Well, that has been reclaimed since the last newsletter and $SPY closed above it on Friday.
What does this mean?
To me, I see bulls heavily buying this dip. Of course I could be wrong, but we are still in a bull market contrary to what some may believe on twitter.
Short-Term Setups This Week:
1. $GOOGL
$GOOGL Daily
$GOOGL has taken a decent dip down to its 200 EMA and is holding while making a higher low off this area.
I think this has potential to breakout of this downtrend and start making higher highs again.
Under $157 I can’t be long this name anymore.
2. $HOOD
$HOOD Monthly
$HOOD has taken a significant dip down to its monthly 21 EMA and has gotten bought up from there.
I’m personally already long this but I think it has a ton of upside potential.
Under $16 I can’t be long anymore.
3. $TSLA
$TSLA Daily
$TSLA has dipped right back down to the area it broke out of on June 26th.
Bulls have bought off of this area so far and are holding.
I personally think that this is a short-term bottom and am positioned long.
Under $187 I can’t be long anymore.
Long-Term Setups This Week:
1. $TSLA
$TSLA Monthly
I think this dip on $TSLA is one to be bought.
I also think that this month ends up closing green, but we’ll see what happens.
I added more $TSLA to my long-term last week in this area.
2. $BBY
$BBY Daily
Last week I started a long-term position in $BBY at these levels.
I think this is a great area to get some shares or DCA accordingly.
3. $DELL
$DELL Daily
$DELL has fallen off a cliff, so I thought this was a great time to pick up some shares for the first time in my long-term portfolio.
I do think it could drop more, but I wanted to start a position at these prices just in case it wanted to rip up from here.
Earnings Calendar
Economic Calendar
These data points are known to bring volatility during the intraday:
Tuesday 8:30 EST, PPI
Wednesday 8:30 EST, CPI
Thursday 8:30 EST, Initial Jobless Claims
Thursday 10:00 EST, Business Inventories
Friday 8:30 EST, Building Permits
Friday 10:00 EST, Michigan Consumer Expectations
Trending Sectors
Software, Biotechnology, and Entertainment were at the top of the list for trending sectors last week.
Top trending tickers from last week:
$KOLD
$YANG
$TSLA
$COIN
$SPXS
$SOXS
$SQQQ
$TSN
$FRPT
$K
Have A Great Week!
As always, enjoy the week and trade safe everyone.
Let’s make some $$!
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