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Rebalancing Act
With options expirations now in the rearview mirror, it’s more likely that the market can get to the work of window dressing after Christmas. Strong get stronger, weak get weaker. That’s December. The indices held up incredibly well overall and the oversold support in the NASDAQ and S&P do not rule out strength… we have one more pullback seasonally for next week so let’s take a look at the best “buy the dip” opportunities.
Is this a tech wreck?
Today’s NASDAQ weakness is not the beginning of a downtrend but rather an opportunity into the year end rally. There are opportunities in certain symbols reminding us that if you know where to look there is always something around the corner.
Two Sides to Consider
The big picture trend for most charts is still well intact, but there are others that show short term patterns that could correct further. Keeping this in mind, I know perspective and patience are two of the most important things we can work on as we round out the year.
FED to the rescue!
In this video we look at the crazy rip higher today from the FED meeting and Powell’s speech. We look at the charts and I only see one way to play this market and it is higher. We have had many head fakes but it looks like we reach up and tag some new all time highs and my SPX target of 4800 to 4900.
Restless Russell
Santa’s good little elf, Jerome, seemed to have delivered today and the indices responded to the clarity of a May/June hike window. In the meantime, the Russell has bounces from its oversold Darvas level, and here’s the expectation for follow-through if you are a bull OR a bear.
Flush or Fly?
With the year-end rally on shaky ground and traders doubting they really believe in Santa, buyers are not stepping in yet. Will they and where? I discuss that in this update.
Trading NVDA and AMD
AMD and NVDA have been huge, relative strength winners this year and at this point, we are seeing profit-taking in both of these names. While they are down today, that also means they are hitting pullback zones. Let me show you what I’m looking for to jump back in these on the buy side.
Powell versus Santa
Neither fighter is going to back down… and my money is on Santa, but could Powell deliver some dip opportunities that buyers will like?
Why This Setup in MSFT Is Front And Center For My 2022 Trading Plan.
It’s all about that chain reaction…
