Scott Redler on NVDA: THIS Is the Key Area to Watch
Welcome to this week’s edition of Dog Bytes. To get this content by email every Monday, enter your email at the bottom of this page. We have mixed markets around the world as we head into the last week of the second quarter. Europe is green while Asia is off small. Last Thursday, I warned that the semiconductors were overheated, and that proved a great spot to sell some winners. Some sophisticated traders made money shorting SMH, NVDA, AVGO, etc. as well as buying SOXS. It feels like we have a tactical top in that sector as we see if money rotates into the rebalance from last week. SPX futures are +5. Last week’s low is 5452, with the 8-day under at 5440. Treasuries are flat across the board and Fed expectations are holding steady. Now let’s dig into some individual names: AMZN woke up last Thursday with a nice move through the $185 area. I bought a lot of $192.50 calls for July 5th. If this can hold $187ish now, it can clear the channel to hit $200+. It’s one of my favorite names now. TSLA has so many conflicting stories. It hasn’t been special since last December. The pattern is tight. I have some $192.50 calls for July 5th. This will need HUGE volume and hold above $189 to get some active momentum longs back here. $176 is key support. On Thursday, NVDA was a focus as usual, but to the short side for the first time this year. Some sold longs, some got short, some bought puts. Either way, my community was not buying. It was $140+ then, and on Friday, it hit a low of $124.30. I took some home long. I might need to wait until $118-$120 before looking to get aggressive. ADBE did fill some of its post-earnings gap but looks decent. It needs to hold $505, and if it clears $535, it probably accelerates for active cash flow. Your Trading Tip for This Week: Create a Daily Routine You Enjoy The number one thing traders waste time and energy doing is… figuring out how to use their time and energy. Create a daily routine that keeps you happy and productive. This includes everything from chart reviews to gym time to coffee breaks. There’s nothing less exciting than a schedule. But the more I plan out my day ahead of time, the easier it is to concentrate on the market. Plus, I have more energy for gym and family time, which is very important to me. Distractions kill your profits. So kill distractions with a routine! This Week’s Calendar Scott’s Positions Disclosure as of 2024-06-24 at 8.19.48 AM
Continue Reading -->Why Bitcoin Is In Trouble
In this week’s swing trade game plan, Sami Abusaad goes over: Why the Bitcoin uptrend is over on the daily chart Where Bitcoin may go next When to NEVER touch Bitcoin Why Sami went to cash on Friday in his 401/k after a +20% run in QQQ The 2 big tech names that look ready to rock – even with the market looking shaky Bullish ideas including Carvana (CVNA) and Robinhood (HOOD) Bearish ideas like Jabil (JBL) and Lattice Semiconductor (LSCC)
Continue Reading -->T3 Roundtable Overview: Everyone Loves Amazon!
ATTN: Our new “Options in Plain English” class starts Monday! Watch the Replay of Our First Ever LIVE Market Roundtable: Watch to see: Who won our first-ever game of “2 Truths and a Lie” What traders need to start doing different Why multiple contributors like Amazon (AMZN) so much The state of the AI trade, including Nvidia (NVDA) What to look for in front of Micron (MU) earnings Why JR is so bullish on the market Why we can’t assume rate cuts are automatically bullish P.S. Check out our new options class “Options in Plain English.” It starts Monday so sign up now! Scott Redler’s Positions Disclosure as of 2024-06-21 at 4.39.31 PM
Continue Reading -->Scott Redler Talks Tech Stocks on Fox Business
On June 20, Scott Redler appeared on ‘The Klaman Countdown’ on Fox Business: Watch the latest video at foxbusiness.com Scott went over: Why he was bullish on Nvidia (NVDA) and Eli Lilly (LLY) to start 2024 — and whether they can lead again Why he said the semiconductor trade was overheated Thursday The “8 times an hour” rule The role of today’s triple-witching expiration What could happen to the leaders and laggards over the next week Why Scott likes Amazon (AMZN), Apple (AAPL), and Meta (META) from here Scott’s Positions Disclosure as of 2024-06-21 at 6.46.42 AM
Continue Reading -->Yes, I’m Very Cautious Here
Want Sami to Be Your Mentor? Go Here to Learn About the Pristine Mentorship Fast forward to 7:30 in the video to learn about it. Yes, Sami Abusaad is cautious on the market, as he explains in this video. Sami goes through the action in the semiconductors and shows why the market may be taking a break. We also go over: What beginning traders need to do The wrong questions to be asking The odd way Buddhism relates to trading What makes the Pristine Mentorship the most comprehensive transformation program we’ve ever launched Why people love the Mentorship so much How you can work with Sami and James Young
Continue Reading -->SMCI: A Powerful Stock That Plays Mind Games
Super Micro (SMCI) is one of the trickiest names in the market. It’s been one of my best names as of late as I played it with options on the Alpha Team VTF®, offsetting tougher names like IBIT, which has struggled. And I do think SMCI has potential to head back to the $972 area, and eventually, back to the record highs over $1,200. But I exited my remaining SMCI options this morning at 11:13 am. Here’s why: SMCI takes a ton of emotional bandwidth to trade. It’s almost like a meme stock with all the wild intraday swings out of nowhere, and you can’t let it out of your sight. And I don’t want my trading performance to suffer because I’m overfocusing on SMCI all the time. Nvidia (NVDA), by comparison, is relatively tame — but still gives us wide price swings to potentially ride. Remember, you don’t have to be in everything to do well. Also, I’m keeping my eyes out on a potential rebalancing trade towards energy, which hasn’t participated in the recent rally. As you can see in my disclosures below, I’ve been long Warren Buffett favorite Occidental Petroleum (OXY) and XLE $88 calls for next Friday. I trimmed both of those positions today, but I’ll be looking for opportunities to add back. I’m not saying it’s time to go all in on energy — but it must be on the radar now. SMH is up 59% this year and XLE is up just 6%. So catch-up may be in order. Scott’s Positions Disclosure as of 2024-06-18 at 1.31.12 PM
Continue Reading -->Can This Weight-Loss Drug Stock Go to $1,000?
SPX futures are -5 as we see if 5402 holds or if they shake the tree this week. The trade is very narrow. There is some concern about rebalancing to end the second quarter, so stay on your toes. The recent SPX high is 5447. Last week, the SPY dip was buyable for a move to $544.12 post-CPI. Now, we see if this week is the same. Active support is in the $539-$540 area. Now let’s dig into some individual names: LLY, the weight loss drug leader, has given us tones of setups this year, which we’ve covered extensively. The last one was to clear the $800 area. It hit $885+. It needs to hold $852. If it does that, it can hit $1000+ can happen. TSLA keeps proving it’s worth ignoring as it hasn’t been special since last December. They sold the vote and Elon’s speech. There are tiny tactical things to do. Otherwise it’s an avoid. Friday’s low is $176.92 if you navigate this. MSFT was a focus as it reclaimed all the moving averages around $423. It hit an all-time high last week at $443+. It still looks good but we need to manage size. It needs to hold $433 now. FXI: China had a nice first half 2024 move. Then FXI went from $29.53 down to a low of $26ish on Friday. It could be time to accumulate again. I did buy some calls back. Your Tip for This Week: Take a Blue Collar Mentality Trading isn’t about turning on your screens and swinging for the fences each day. It’s about hitting singles and doubles. Success comes from showing up and doing the work every day, the same way carpenters, ironworkers, and plumbers put together a building. For traders, this includes forming an effective trading plan, observing the market, and aiming for consistent profits. I’ve seen a lot of traders search and search and search for some kind of secret sauce. Hard, steady work is the closest thing to it. This Week’s Calendar: Pretty Light Scott’s Positions Disclosure as of 2024-06-17 at 9.55.32 AM
Continue Reading -->Sami Abusaad’s Swing Trade Game Plan: June 17, 2024
In this week’s swing trade game plan, Sami goes over: Why SPY and QQQ look bullish What’s different about IWM Why he likes AFMD, ANET, CARR, TTWO, and other names Why he doesn’t like ANF, PATH, and VSTS His favorite crypto name at the moment And MORE!
Continue Reading -->Is It Time to Buy IWM?
David Prince and JR Romero sit down to discuss small cap stocks and their fate after a lousy 2024. They talk about: Whether IWM can go up after the CPI and Fed Rate Decision Whether the market can broaden out – and if it even matters Why people who focus on Nvidia (NVDA), Apple (AAPL), and Tesla (TSLA) should not care much about small cap stocks Why solar stocks may be next to go up
Continue Reading -->Where Apple Is Going Now
Editor’s Note: Scroll Down for Scott Redler’s take on Nvidia (NVDA) Why $AAPL Can Hit $238.77@epictrades1 explains how he know Apple would break out so hard, and JR Romero explains why he thinks the stock can hit $238.77 pic.twitter.com/95rRBy7omw — T3 Live (@t3live) June 12, 2024 Apple’s (AAPL) WWDC event was a flop… at first. And then the stock skyrocketed to all-time highs, retaking its crown as the world’s most highly-valued company. Inner Circle’s David Prince explains why it didn’t matter that “the move didn’t make sense.” The real story was the stock built a massive base, which was the perfect launching pad for a big move higher. Meanwhile, JR Romero of the Momentum Express VTF® shared his exact price target for for the stock, right down to the penny. JR views Apple as a “financial institution” of sorts that jut throws off massive cash flow. Interestingly, the average analyst target price on Apple is just $205.41, according to data from Koyfin. JR’s target is well above that… Also See: Scott Redler’s Nvidia Breakdown: What Happens To $NVDA Post Stock Split? pic.twitter.com/ZFCxSjsqGN — Scott Redler (@RedDogT3) June 11, 2024
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