2.15 Market Plan
Inside day action today which was expected given the overall move yesterday and with no relevant economic data today. Tomorrow, however, we have a ton of data pre-market that matters and given this price action today and were some names on I have light risk on.
$4975 is key on ES futures then $5040-$5050 upside is a spot to watch as well. Depending on the data- and it’s important - it will dictate where we bull trap up there or get above and continue the flow to $5140. The end of day rally was nice but depending on this news and the reaction of $5040-$5050 that will dictate a lot.
I explain what I don’t do in the premium video with situations like this.
Again, I don’t trade from the perspective of being net long the market - I don’t mind having long call exposure on names (which I do) but this entire area on SPY 0.00%↑ is risk reduction does not risk addition for me.
NFLX - this name finally woke up today and is up +25 at the time of this. It’s always a static name in The Momentum Monitor and these were the notes from this weeks issue.
I have a new long on that name with small risk.
Crude Oil - A big build today, really big. But we didn’t sell off as much as you would think. This is a big long for me in my books. $7550-$7650s are key.
Don’t forget there is a webinar in a few weeks: Long Short Trading - what it is and how to apply it.
I think the week is all but “done” for too much vol given it is OPEX on Friday, so my expectations are low for the equities market.
In The Premium Video I cover:
S&P500/Nasdaq/Oil Review
NFLX 0.00%↑ position - why the small size and a look into how I measure risk
SMCI 0.00%↑ - a few thoughts on top down technicals
UBER 0.00%↑ - quick review (from Spec Situations in the report)
BABA 0.00%↑ - what I am after and why I care.