FXI Is up 37% – Here’s Where It’s Going Next
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SPX futures are -8 as we see if it can hold 5690ish this week, or if they shake the tree lower. Semis lost momentum Friday and are lower today as China wants their companies to buy Huawei's new chip.
But the big story is FXI up another 2.5% today, putting it up over 37% on the year. I said many times that China was having its 2007-2008 moment, and I talked about accumulating FXI many times. Last week was huge if you targeted it actively. Resistance is in the $32-$33 area, but it can see $37 to $39 this year.
Now let's dig into some individual names:
TSLA gave us a nice buyable active sequence from $235 up to $261+. Deliveries are Tuesday, so that's important. I'll have some calls on, but I did sell my stock pre-market as it hit $262 with the market seeming vulnerable. $257ish is some active support, then $251.50 is key.
MU gapped up post-earnings to help the semis last week. It's in that post-earnings gap. See if it gives a 5-15-30 minute low to hold a portion, or if it reclaims $107.03 to relieve pressure.
NVDA gave a nice move from the $118 area up to $127 last Thursday and then failed to hold $121.80. This morning, there's talk China wants Huawei's new chip instead of. NVDA's. $118-$118.50 is active support. $119.26 is Friday's low. If this area fails, $115ish is key.
VKTX was a nice trade from $50 to $70 for many. Some late November or December calls might make sense into this pullback.
DASH was a big mover from $127ish up to $146 to get us smaller. It gets very interesting again into the $139-$140 area. Friday's low is $142.12.
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Your Tip for This Week: Don’t Fall in Love with Your Opinions
Fall in love with a process that helps you succeed. Not your opinions.
Some traders go into every situation with a preconceived notion about what should happen.
For example, some traders are in love with a particular name.
And no matter what happens in the price action, they find a way to be bullish on that stock.
That’s why I take an ‘if-then’ approach to trading.
I have opinions like anyone else, but my respect for what the action tells me what really matters.
This Week's Calendar
We have some big earnings reports this week from PAYX and NKE, but the real focus will be all the jobs data – especially the Friday nonfarm payrolls repot.
P.S. Don't forget to check out Scott Redler's Power Plays!
*Scott Redler Positions Disclosure as of 2024-09-30 at 8.20.37 AM
