(New heading) - This is the market recap and trading notes for Tuesday March 19, 2024. If you are reading this you can upgrade to the paid version below for a premium video, notes and a weekly outlook.
Pre-market selling on semi-names continued with AMD 0.00%↑ SMCI 0.00%↑ and NVDA 0.00%↑ lower and so did META 0.00%↑ which was a great short of the range today.
SMCI - that move so far this week was pretty bad and I talked about that Sunday night as something to hammer on the short-side.
Overall, a decent day for intraday Playbook trades.
So far, that’s been the trade of the week on NVDA 0.00%↑ and SMCI 0.00%↑.
Microsoft and Apple got some love today and look properly setup for bulls to press the move higher tomorrow which seems like rotation out of semis into the old faithfuls. That being said, I still do not think this is the time to add on risk past the 1–5-day trading window.
GOOGL - I trimmed the rest of this long from a few weeks back to just lock in some P&L as we head into FOMC tomorrow - that and I am already long similar correlated names so reduced the overall portfolio exposure on this win. Booking P&L is a necessity and I think most who don’t book it trade from a perspective of “get rich now” v. trading for the long haul.
Premium Section Tonight:
S&P500/Nasdaq/Crude levels/analysis
A look at MARA off the lows
Dupont notes (it’s been a long in Swing Monitor)
CMG 50:1 stock split and what it means for active trading.
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