Scott Redler’s Dog Bytes: AMZN, AMC, Bitcoin

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Welcome to Scott Redler's Dog Bytes, which gives you a selection of insights from Scott's Redler Report newsletter.

We have mixed markets around the world after last week’s bout of volatility. Last Thursday, the bears had their chance to steal control but had no power. SPX held the 21 day and leaders gave a way to buy in the hole. This weekend, there was more talk of a Global Minimum Tax, but nothing really surprising.

SPX needs to hold the 4030-4040 area to keep upper momentum. The all-time high pivot is now 4371. I'm still in a Portfolio Approach, but with fewer names on because the action got a lot more stock-specific.

AMZN was a grand slam for our community and I hope you participated. We had the big breakout from $3471 to $3759. I still have 2/3 of my macro call spread, which went from $15 to $70+. I am also short some puts for Friday to generate more P&L. If it can digest above $3694 and create a new flag, I may buy for a move through $3759. Earnings aren't until July 29.

AMC gave signals to get us out around $59. Some are still trading it tactically after it gave a trade Thursday to $49+. It's down a bit this morning. See if it tries to reclaim the $45.82 pivot for a trade. See if the Black Widow box office numbers help.

Two weeks ago, we all focused on Bitcoin at $30,000. It reclaimed that level and it hit $36,500 to trim some. It's hard to tell if this lower level channel holds. I put on a little but more exposure to go from 80% to 70% cash in my crypto account. If it gets and stays below $32,000, I will most likely hit the brakes. I’m not giving this much room.

Positions Disclosure as of 7/12/2021 at 8:04 a.m. ET