Today’s Apple & Nvidia Game Plans
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are +38 after a close on the lows Friday. There is no real reason for the bounce, but the Oscillator went out at -45, which was oversold into CPI and PPI this week. Today is the AAPL iPhone event and ORCL earnings are after the close. We’ll see if early strength holds or fades. There is some resistance at 5458, but the real rubber match spot for the week is 5480-5522. The big debate is whether we get 25bp or 50bp on 9/18, and Fed expectations are for 112bp of cuts still for 2024. Now let’s dig into some individual names: AAPL will be important today. The iPhone event starts at 1:00. Some reports suggest that a few AI features will not be in the new phone. $225ish is pivot resistance. If this breaks and closes below $219.77, it would bring out some sellers. Keep that level on your radar. NVDA gave us clues to take risk down last week as it broke the $116-$117 area to see a low of $100.95 on Friday. We’ll see how it reacts today. Does it get rejected into the $104-$105 area or does it squeeze a bit? If it goes from green to red, it will bring out sellers. TSLA got hit hard and fast on Friday, getting most actively out or short. This morning it’s up with the futures. There is news that China sales aren’t as bad as some thought. The first resistance area is $215-$219 – see how it acts there. SMCI went from $1229 to a low of $382 on Friday. Shows you anything can always happen. Trends and moving averages matter. I guess see if it holds the morning strength or fades. Most are avoiding it. PLTR finally got added to the S&P 500. I did take calls for it. We’ll see if early strength holds or fades. I will trim some and hold some for the week. $33 is the recent high area. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Your Tip for This Week: Give Yourself a Chance I talk a lot about keeping your ego in check. But at the end of the day, you’ve got to believe in yourself. You need to know that you can develop trading skills and apply them in the real world with real money on the line. One of the biggest mistakes you can make is not giving yourself a fair chance. Too many aspiring traders never get started because they don’t think they can do it. They’ll spend all day paper trading and reading books, but they’ll never actually pull the trigger. So get started. Smart small, but start! This Week’s Calendar This is a big week. Aside from today’s AAPL event and ORCL earnings, we have the CPI, PPI, ECB rate decision. P.S. Don’t forget to check out Scott Redler’s Power Plays! Positions Disclosure as of 2024-09-09 at 8.28.48 AM
Continue Reading -->The Stock Market Is a Mess (and Bitcoin ain’t much better)
Sami Abusaad explains the major conflict he sees in SPY and QQQ. Sami also goes over: Why the market looks short-term bearish and long-term bullish How the market’s complexion is affecting his view of Tesla (TSLA) stock Why most stocks need the market to rally Why the Bitcoin chart looks so sloppy right now GLD’s powerful trend in 2024 Whether there is a connection between GLD’s strength and the market’s sluggishness His favorite sleepy and boring stocks like 3M (MMM), AT&T (T), and Ericcson (ERIC) The power of finding strong setups on the monthly chart Why Sami DOES NOT expect a huge move soon And MORE!
Continue Reading -->The #1 Question Traders Are Asking Right Now
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. We have mixed markets around the world as we head into the last 4 months of the year. Market expectations call for 103bp of cuts for 2024, so economic data is important into the Fed on 9/18. The #1 question right now is “how dovish can Powell be with the SPX 2% or so off all-time highs?” The upper range was lost, and most sectors are challenged. QQQ, SMH, and Mag 7 names feel bent or broken technically, while utilities and value are doing better. Tomorrow’s nonfarm payrolls report is important because it will help the Fed decide on a 50bp cut as hopes for a soft landing persist. IWM showed relative weakness early Tuesday and broke the $216-$218 area to resolve the pocket pivot lower. Yesterday was a decent red to green trade. Now it’s harder. The recent low is $211.71. It could do anything on Friday, so take care. Now let’s dig into some individual names: TSLA showed relative signal the past two sessions, getting me tactically long. It’s up this morning above the $222-$224 area. I did trim some, but we’ll see if it can hold gains with the news of its software release in China. NVDA earnings report was not enough to ignite it. On Tuesday, it led the tape lower below the $116-$117 area. It hit a low of $104.12 and gave a small bounce yesterday. I tried some and am already out. It doesn’t look great. See how it handles yesterday’s low of $104.12. ASTS is getting a lot of attention. It’s hard to buy up here, but if you’re long, $27 needs to hold. If you’re short, take care if it clears the $39 upper pivot area. On August 8th, GLD got over $222ish to get some active longs back in. It cleared $229 to see the $234 area. It’s a bit sloppy up here and $228 needs to hold if you’re active. See if early strength holds or not. GOOGL showed the most relative weakness in the bounce sequence since the 8/5 lows. Yesterday, it broke its inside wedge lower. See if it’s the first name to test 8/5 lows ($154.93). Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Positions Disclosure as of 2024-09-05 at 8.20.26 AM
Continue Reading -->The Trend Is Dead – So Keep Your Head Together
JR Romero argues that the trend is dead. And that you have to change your attitude to succeed in this market: JR explains: Why he identified QQQ $462 as a potential bullish trigger for Nvidia (NVDA) and AMD (AMD) What’s changed in the current market environment Why the current trend is broken, and how you can adapt to it The problem with obsessing over forecasts and opinions How traders should think about economic and political trends Why he sees risk of a recession, and what that means for traders The unique advantages day traders have over big money managers Why the upcoming US Presidential election is likely to drive volatility Why swing traders are having such a hard time right now
Continue Reading -->What The Market Needs From This Jobs Report According to David Prince
All eyes are on the labor market this week ahead of the August jobs report on Friday. Economists expect the U.S. economy to have added 162,000 jobs last month with the unemployment rate dipping to 4.2%. Watch the video below for what type of report David Prince thinks the market needs: David also covers: Why he’s bearish the overall market How he’s hedging his longs in this environment Recent wins in SMCI, NVDA, AFRM, and MDB And more! Get David’s real-time analysis of the jobs report by applying for the Inner Circle now!
Continue Reading -->The Power of This QQQ Buy Setup
In this week’s swing trading video, Sami Abusaad breaks down the QQQ’s buy setup: Sami also goes over: Why SPY looks bullish How the QQQ/SPY buy setup can fail Why IWM is so difficult to analyze right now EOSE’s bullish 1-2-3 pattern Why Sami likes the monthly pattern in LYFT, which is similar to DIS Which China stocks look good right now Why Sami likes TSLA and QCOM here And MORE!
Continue Reading -->My Tesla Game Plan – Watch THIS Level
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are -28 after Friday’s afternoon rally which took us to the upper end of the two-week range. It’s been a choppy trade with lots of false moves. We’ll see if dip buyers defend the 5581 active support area. A close below that, and I think active traders like me might reduce risk again. 5651 is key upper support. This week, we have Manufacturing ISM at 10 a.m. today, AVGO earnings after the close Thursday, and the NFP report on Friday. Now let’s dig into some individual names: TSLA showed a little power on Friday and is up a little this morning in a sea of red. I’m long small, and if it can hold the $214 area, I’d think it has some room towards $224ish. AAPL led the move off the 8/5 lows, and it’s been above the 8-day since then. If you’re active, I’d use $227.48 as key support. A break of that, and it can give clues that tech might be pressured, so keep your eyes on it. AMZN had its first relative strength day in a while. It cleared the $174 area to see $178.90 on Friday. It’s down small this morning. Let’s see if it can go red to green and continue to get better. AFRM gave us a pro earnings gap to trade against at $37.52, and then Friday went red to green to see $44.89 for extra cash flow. That gap needs to hold. LLY held the $825 pro earnings gap and regained leadership again. It’s been above the 8-day since then. Buying a dip is easier than trying to add on strength. It tagged the $972 ATH last week but faded, so watch size if you’re active. $930ish is key upper support. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Your Tip for This Week: Develop a Pro Mindset You can have a 180 IQ, but to succeed, you’ve got to adopt the mindset of a pro. Pros don’t think about Ferraris and private jets while they’re trading. We think about what we could lose. When you’re doing this for a living, your paycheck can actually be negative if you give enough money back. So always keep the worst case scenario in mind, and be ready to act to avoid it. Because while it’s important to win, it’s equally important to not lose. Every penny you avoid losing is another penny you don’t have to earn. This Week’s Calendar This week, we have Manufacturing ISM at 10 a.m. today, AVGO earnings after the close Thursday (key for semis & AI names), and the NFP report on Friday. P.S. Don’t forget to check out Scott Redler’s Power Plays – Get My #1 Idea Every Week. Positions Disclosure as of 2024-09-03 at 8.07.05 AM
Continue Reading -->Nvidia Looks Good, and Gold Looks Even Better!
Sami Abusaad covers the aftermath of Nvidia (NVDA) earnings, and explains why it looks good long-term: Sami also covers: Why he normally does not trade after hours Why he jumped on Nvidia (NVDA) long after earnings The reason Nvidia should shake off near-term choppiness Why he still finds Level II data useful The particular times when Level II is especially powerful The unusual thing about Super Micro’s (SMCI) monthly chart Why SMCI is not rebounding any time soon The reason Gold’s chart looks absolutely beautiful now The “stealth” bull market sector nobody is watching His opinion on China names, including Alibaba (BABA) Why the AdvisorShares Pure US Cannabis ETF (MSOS) still looks rotten His 2 current favorite earnings names
Continue Reading -->Nvidia Has a Beautiful Story – But I’m Not Buying Into Earnings
JR Romero LOVES the long-term story on Nvidia (NVDA) – but he’s not buying into today’s earnings report. JR goes over: What Google’s Larry Page signaled about AI Why the long-term story for Nvidia is so great The near-term dynamics that don’t guarantee a huge pop in Nvidia today Where Nvidia needs to guide to keep rallying And MORE!
Continue Reading -->Why SMCI Is Trash – JR Romero Explains
Super Micro (SMCI) has collapsed in the face of accounting concerns. And JR Romero say it’s going even lower: JR also goes over: What Nvidia (NVDA) needs to do on today’s earnings report Why he thinks Nvidia is going to $200 The reason he thinks SMCI is not to be trusted The powerful lesson learned from the collapse of the AdvisorShares Pure US Cannabis ETF (MSOS) Why he’s okay with his children being gold bugs
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