This morning’s hot PPI report is putting pressure on the markets while the chance of a rate hike goes higher. With only a few days to go until that rate announcement, I think it’s worth sitting out of any long term trades and sticking to day trades until we have a clear direction on the market.
SpaceX has done the full round trip since the IPO: the run to nearly $230, the drawdown that bled retail out, and now a bottom. SPCX has recovered the 21 EMA and the anchored VWAP off the lifetime high, with a squeeze building underneath. I am looking for a rally into Friday.
We gapped down, chopped and closed near the lows, with the Nasdaq holding up better than the S&P. SanDisk tagged $1,800 and gave most of it back, which is exactly what this stock does, and I see real support around $1,700. If we gap down 40 or 50 points tomorrow I want to be a buyer there.
The tape leaked conviction all session without breaking anything, so I am setting my plan before next week instead of guessing at it. I walk through the five names on my buy list, DELL, SMCI, NTNX, MU and NVDA, and the one short I would take if the market throws a tantrum. The score list is a wall of gray right now, and that tells you which side of this to lean on.
