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- Ace in the Hole - Edition #44
Happy Monday Traders!
I hope everybody enjoyed the weekend, let’s get back to it and talk about the market.
Last week we saw new all time highs on the S&P 500 at $580.33 gaining a total of 1.15% on the week.
Earnings season is really kicking back off this week with many banks reporting and the first big individual name Netflix reporting.
Let’s dive in!
Market Thoughts
Market has continued to make higher highs and higher lows. Yes, I am still bullish.
Again, I don’t know how an individual can look at this chart and see anything bearish. If you are following price action, price action has supported the bear thesis whatsoever.
The time will come for heavy shorts, it is still not that time for me yet.
Unless you are scalping or taking intraday shorts, I don’t see a reason to be swing short anything and that’s why I am not swing short any positions.
Let’s dive into setups I’m watching for the week!
Short-Term Setups This Week:
1. $TSLA
$TSLA Weekly
Tesla sold off a bit from the Robotaxi event right down to my weekly 21 EMA.
I’m interested to see if we hold this area and continue the higher low structure we’ve been in.
The lowest I really see this going is $193.50, any lower than that and my short-term thesis on Tesla is invalidated.
I think the Robotaxi event was just a sell off for more people to get in before this big move comes, but I could be wrong.
2. $COIN
$COIN Monthly
Coinbase is looking phenomenal on the monthly here.
As soon as Bitcoin gets traction this name will fly IMO.
I am loading up $COIN at these levels and I think this trade will be MASSIVE.
I’m holding longer dated contracts because I have no idea when this will go, but I am positioned for it.
3. $GOOGL
$GOOGL Daily
Google looks great as long as it holds the last low it made for me.
Any lower than that and I will be exiting the swing positions I am in.
If we don’t go lower, I see this name going back to August NFP Highs and above that, I see July NFP Low.
Long-Term Setups This Week:
1. $TSLA
$TSLA Monthly
I think this Tesla dip is bringing a huge opportunity for the people that haven’t invested yet that want to.
IMO, this is the time to grab it before we go higher, but again take what I say with a grain of salt because it doesn’t mean I’m right.
I’m likely picking up some more shares at these levels.
Earnings Calendar
Economic Calendar
These data points are known to bring volatility during the intraday:
Thursday 8:30 EST, Retail Sales
Thursday 8:30 EST, Initial Jobless Claims
Trending Sectors
Technology, Financials, and Energy were at the top of the list for trending sectors from last week.
Top trending tickers from last week:
$NVDA
$BABA
$TSLA
$PLTR
$MSFT
$MSTR
$DJT
$GOOGL
$AMZN
$META
Have A Great Week!
As always, enjoy the week and trade safe everybody.
Let’s make some $$!
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