Daily Market Recap

Tuesday May 21, 2024

Winning all around again to start this week from short-term trades and some long-term positions as well.

Fed Minutes is tomorrow as is NVDA 0.00%↑ earnings but before I get into some hard data for the SPX and other names let’s go over some recent wins - I know a lot of your gurus like to sound smart and write 30 page paragraphs about nothing: I don’t - I like simple and making money and that’s what this report has done consistently.

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Tesla - This price action the last two weeks has been of interest and the plan was to buy $160s if we got there or if +$175 broke - last night I SPECIFICALLY talked about this name in the video recap for today.

• This has a very strong signal on it for a leg up and it reminds me of the post-earnings short-squeeze. I talk about why I have a $230 target on it in the video in the pemium section.

Suncor (SU) - This was in the Swing Monitor and I talked about it with US World Report & News over a month ago. (You can read the short version of the long thesis in that interview there).

• That’s a new 52-week high there and a good Swing for the AST Portfolio.

NFLX - Top idea Sunday and $650 was a target we printed it to the T today. I don’t really trade this name much anymore short-term given the slow order-flow but it’s still tracked in The Momentum Monitor and this week there was signal.

• Offers above +$655 should squeeze this right up into the all-time high.

MSFT - $430 target has been on the radar in and in the report for two weeks. Last week it finished a bit shy but we had continuation of trend/order flow to start this week to get into my price area.

• The May 31 430 calls were sub $3 yesterday, we printed a high of $7.42 today.

Trading Notes:

The Fed Minutes is out tomorrow and that matters so the market is going to watch that but there is also NVDA earnings. There are no technical signals that this market wants to sell off and looking at some other data pieces I don’t see it either so any check-backs should be absorbed pretty quick. In fact, that’s what I said last night in the recap and the past two weeks. The idea of having to check each day is really for the day-traders/short-term mentality, not that I am against it - this report trades actively and captures volatility but it also gets away from that mindset. There are trades in $100K AST Portfolio like FCX 0.00%↑ which has been printing the last 3-weeks and others that don’t require a daily (what’s going on view).