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- Ace in the Hole - Edition #50
Happy Monday Traders!
I hope everybody had a great weekend! It’s Thanksgiving week, so trading hour towards the end of the week get a little weird.
Price action will likely be back and forth and volume should be light given the holidays.
I am still watching some setups for the week, so let’s dive in!
Market Thoughts
The S&P 500 is sitting right at all time highs and looking very bullish, so no thoughts really changing here.
I will continue to play the long side until I have a real reason to be bearish on this market.
Major earnings are out of the way, so that has me feeling a little more relaxed at all time highs versus going into the earnings season sitting at all time highs.
Short-Term Setups This Week:
1. $UBER
$UBER Daily
I’m watching Uber for backtests of Thursday’s high for longs. As long as this holds that high I like this for upside.
Price targets are: $73.63, $76.40, and $80.08
Under Thursday’s high this gets invalidated.
2. $META
$META Daily
I like Meta for longs as long as this reclaims and holds Tuesday’s high. Above that I have price targets of: $570, $577.40, $581.61, and $585.
This gets invalidated under Tuesday’s high.
Long-Term Setups This Week:
1. $BBY
$BBY Weekly
Best Buy is looking great on the weekly and I like the dip we are in.
I think this is a decent dip to be picking up shares on and I personally hold this name myself.
Earnings Calendar
Economic Calendar
These data points are known to bring volatility during the intraday:
Tuesday 10:00 EST, New Home Sales
Wednesday 8:30 EST, Initial Jobless Claims
Wednesday 8:30 EST, GDP
Wednesday 10:00 EST, PCE
Trending Sectors
Utilities, Financials, and Consumer Staples were at the top of the list for trending sectors this past week.
Top trending tickers from last week:
$NVDA
$MSTR
$TGT
$TSLA
$WMT
$PLTR
$LUNR
$RKLB
$COIN
$ZIM
Have A Great Week!
As always, enjoy the week and trade safe everybody.
Let’s make some $$!
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