Hurry Up And Wait For…?
Sometimes when it is tempting to dive in, the best thing to do is wait for the next wave.
Sometimes when it is tempting to dive in, the best thing to do is wait for the next wave.
It’s important to trade the pattern, not the stock.
When we are setting up positions — like the long positions in the NASDAQ and Russell today — during the clearing/opening range, it’s wise to think about alternative entries. Here’s how we did it today.
Let’s stick with what’s working: Morning daytrading buys, long gold, long bonds, and short US dollar.
I love trading Chewy, and with the recent consolidation, I’m eyeing it for entry, again. Let’s go over my trade setup in the video.
After recent volatility and whipsaw action, the market has decided to chugalug on higher. Price action brings us directly below previous all-time highs, and we can see relative strength winners (COST, TSLA, CHWY, MSFT, AAPL, PG) leading the charge higher. Let’s check out my favorite setups and talk about where opportunity lies.
Another wild week that begs the question: do any of these moves make sense? Well, guess what? It’s okay if they don’t right now. Having those feelings of “no edge” can be frustrating. I look at a more bullish and yet conservative outlook heading into the end of the year. Every dip keeps getting bought, but we all know it’s more complicated than that!
In this video, I outline the wild moves we’ve had in the index, and briefly review what to look out for. There are some decent setups forming, but I’d prefer seeing Monday’s open. I want to focus on NVDA, LULU, GLD, and bio-tech into the end of year and for 2021.