Stock Market Plan March 7

Balanced into NFP. VSCO down.

Welcome to the market recap for Wednesday March 6th, 2024. The plan for members is below in the paid section so let’s get started.

Today was a balanced market which was expected and what I talked about in the members video last night. You had JOLTS and Jerome talk today but we just balanced out for the most part with some quick Momo-short off open.

Moving on…

NFP is Friday so just waiting some things out here to decide what moves to make next but for the sake of intraday strats I’m hoping we get some OPEX moves to exploit and NVDA is one that I am stalking. Again, I don’t bet on the NFP number, I am more concerned to where the S&P is that morning and then to see what other ideas, I can trade from that IF the catalyst drives price. That’s it.

Tesla - That stock today was weak off the open, so I cut bait on longs. $180 was key to regain, we never did, so I never got long the name. Coming into this idea I knew a few things from a technical stance:

1. The stock was at a key level and the monthly candle was bearish

2. It had to rally today to get this short-long into $190 to work

   

   

Overall, this probably has to head lower so likely a short on it here end of week depending how we trade around $175-$180.

AMD - This stock was on our radar two weeks ago to trade into $210-215 and I cut bait today with that and have got short some risk on this expecting a longer-term hold, maybe 5-20 days. This is technically driven; I don’t care about the fundamentals on this. $205 is key for me to break but I’ve faded the short so if we get below that it becomes an add on for me. Again, part of a long/short portfolio not just one trade idea.

VSCO - Not a good move after hours on this and I did think that it had a big hurdle to meet since the declining sales the past few years but what I talked about last fall was the first step in the right direction. The good and bad thing about catching inflections is you can be in with small risk but then have to decide what to do with it as it moves in your direction which this name did, almost doubled. I cut a lot of the call position into last earnings but kept a lot of the shares/equity and some LEAPs/various expiration calls.

Basically, I am back near cost basis on the equity on this and will make a little on the hedge, but this was a bust. Now, I need to decide whether to exit on this in the coming weeks or add to the position through LEAPs. The share buyback helps the cause, but we need to hold some technical areas around $17-$19 and if we can do that and consolidate there for a few weeks that’s a positive. On another technical note, this just creates a larger pullback from the low last fall and the 78.6 area long with some monthly levels is around that $17 mark so we’ll see if this presses - I think it does because this was really sold off harder than I think it should have.

The premium version is below.

In The Premium Video Tonight I Cover:

• S&P500/Nasdaq/Oil Analysis

• Notes on AMD

• TSLA Review from Today & Explaining Price Analysis

• New thoughts on PLTR