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We have mixed markets around the world after risk happened fast. Europe and Asia are mixed and trying to figure out what's next.
SPX broke 5980-5960 which was a failure to protect the elevated area . Markets fell hard and fast and the SPX hit 5853ish. That's our new spot to watch.
If that doesn't hold, the gap is open all the way down towards 5783.
Now let's dig into our strategy.
Bitcoin became my #1 theme on October 11. It’s gone from $62Kish to $93k+ to manage IBIT and miners. We participated in Power Plays via IBIT, WULF, and MSTR. Now we're down to only an IBIT trailer. If this action continues, it can see $100k by Christmas. But if $88kish breaks, it might get sloppy. So don't get a false sense of security. There are no guarantees.
NVDA reports earnings on Wednesday. We exited our final trailer for Power Plays Friday at $144.87, which was a good thing because the stock's under $139 today on reports of heat issues with Blackwell. We also exited SMH for a loss. $137.60ish is a spot to watch for NVDA,and the 50-day near $132ish is even bigger.
TSLA was a nice winner pre and post-election. On Friday, I sold puts and added the stock back as it showed relative strength and held the 8-day near $310ish. I'll trim and stay with it. I'd think the $358 high will not be the high of the next month or so. But entries and exits matter.
NFLX made new highs on the year. Some were long vs. the post-earnings gap of $736. Others got in when it cleared $733 to see $841+ to manage. It's only down small after the Tyson fight which had technical problems. $816 needs to hold now.
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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 exercise and family time, which is very important to me.
Distractions kill your profits. So kill those distractions with a routine!
This Week's Calendar
This week is all about Nvidia (NVDA) earnings on Wednesday:
P.S. Don't forget to check out Scott Redler's Power Plays!
*Scott Redler Positions Disclosure as of 2024-11-18 at 8.53.44 AM
