Monday Market Recap
So, there’s the selloff that we needed, and it took a little longer than it should have but we got it.
A lot of the Nasdaq tech names are down pretty heavily, and I talked about that in the weekly outlook and last week of being bearish.
As long as we stay below $15,950 this Nasdaq and the stocks in it are bearish and I don’t think we’re going to see too much upside momentum until we consolidate and trade a little lower.
Gold - that sold off from the Globex gap up pretty well and trading the futures on it last night was the move. That likely has to consolidate for a few days here before the next leg up as well.
COIN 0.00%↑ - This thing has been on a tear and it was flagged 3 weeks ago. The problem with it right now is that the IV on all of the options chain is through the roof.
I was going to try to get short this in the morning but the premium and IV is just too high so going to sit this out a bit but it’s on my list to mess with soon as the IV drops.
If you’re not familiar with high IV there is a post here.
LESL 0.00%↑ - Years ago I traded this name with my analyst and it traded to the all-time-high and never made it back. This caught my eye again after earnings. For subscribers I explain it inside.