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Scott Redler’s Dog Bytes: Watching the BIG ETFs


SPX futures are +15, giving some upside-through to Friday when we cleared 4664. I want to trim into some strength so I can buy dips and keep managing the Portfolio Approach that has been great since 10/13.

Now let's dig into some of the big ETF's I'm watching:

QQQ woke up again Friday as it cleared the $392 area with lots of specific action. The QQQ's will open above Friday's high of $395.25. I'd trim some longs so I can buy dips and net money.

The big IWM channel resolved higher. It cleared $230 to see a high of $244. And last week it held in nicely, giving us $236 to trade against. Dips are buyable as long as that holds. Today, see if it clears and holds $240. My call spread still looks good.

Banks are trying to rebuild with a pretty big bull flag pattern. As long as XLF holds the $39.80 area, some might be long. Others are waiting for a strong close above $40.20.

Cannabis has been great since the Friday Igniting bar. MSOS gave a way to add on the pullback into the $29 area and it’s at $33+ this morning. I will likely trim some MSOS and the calls CGC, TLRY, and VFF calls which I picked up weeks ago.

Positions Disclosure as of 11/15/2021 at 8:11 a.m. ET