Welcome to the market recap for Friday March 8th, 2024. The plan for members is below in the paid section so let’s get started.
Today was a big inflection from a technical perspective that mattered for the action on NFP tomorrow. I posted this to my Twitter:
The same went for S&P and I talked about the potential to balance today on both but we pressed through which meant that trades like MSFT 0.00%↑ long and others paid off well but there also a chance to add at the open.
Tesla was also a good opening drive trade into $180, a key spot. This stock right now is at a technical crossroads. Very bearish on the HTF but small-time frame divergence which usually leads to a squeeze.
I ran the opening drive long right off the open which was a good 5-minute trade (not the usual duration for me) but it pressed.
Originally, the plan was to add into those above +$180 but we pressed so I sold, then got re-long equity and ATM calls for next week and some for tomorrow.
RIVN - Good move today off the lows. Talked about this after it missed earnings. We’re long this in the AST Swing Portfolio.
Jeffries had some notes today on the name. If you missed the thread on Twitter, the other day I broke down the use of LEAPs.
You can read that here. Some trade structures are not day-trades, I keep saying this. Some are longer duration and Rivian is that, for me. You can get a training I made on LEAPS here (It’s $97). This is a longer-term trade so that’s why the use of LEAPs.
Moving on…
Howard Marks was on Bloomberg today and said the markets are in a “Zone of reasonableness.” - Again, not that it matters to me but paying attention to the cycle for other long/short ideas is key. - Anway, good watch from a legend.
NFP tomorrow is a big deal for the markets given where we are technically on the S&P500 and Nasdaq after today. Things are shaping up for this to be a risk-off event and that means there should be some tradeable flow tomorrow post this news which will be a good way to end a great week.
In The Premium Video Tonight I Cover:
S&P500/Nasdaq/Oil Analysis
NFP Trade Scenarios Broken Down & How I might Trade It
Tesla Trade Review (Day Trade Framework) & why risk is fluid, not static.
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