Yes, Bitcoin Can Hit $100,000+
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The Soft Landing/Goldilocks rally hit a new high of SPX 5822 on Friday. Bank earnings produced new highs in the XLF as JPM and BLK had big gains. Earnings season will create big moves in the weeks ahead, so know what you own and why.
Tech did not lead the tape to new all-time highs, but the QQQ's cleared its wedge last week to participate. We'll see if it holds $489ish to clear $494.45 to work towards the $501-$503 area.
Now let's dig into some individual names, starting with the topic of today's post:
Bitcoin is now a major focus in Power Plays, with IBIT and SQ as recent ideas. Plus I personally hold those, as well as MARA calls and CORZ stock.
Bitcoin could hit $100,000 to $150,000 in 3-6 months. It reminds me of FXI, which took off after building a huge channel.
But of course, let's watch the price action and manage risk along the way. Nothing is a sure thing.
XBI had its first decent upside candle in a while on Friday. I added to my calls for December. It needs to hold $95, and we'll see how it handles the $99.65 area. Then $103ish is the major.
AVGO is erratic at times but is one of the few semis near highs of the year. It looks good. It needs to hold $177. Perhaps this week it clears $186.42.
U: Software got a bit better. This laggard looks okay for a tactical long. I did buy some calls. It needs to get and stay above $21ish to open the door for higher prices.
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Your Tip for This Week: Take Responsibility for Every Penny
When you lose money, don’t blame the Fed or an analyst or some guy on TV.
After all, when you do earn a profit, you take the credit. Right?
Take responsibility for every penny.
You agreed to place the trade. You must own whatever comes next, whether it’s win, lose, or draw.
Traders that blame others for their actions don’t last. Because when you always shift the blame, you stop improving.
It’s okay to lose sometimes. Use that an excuse to get better — not to pass the buck.
This Week's Calendar
It's a busy week earnings-wise, with NFLX, UNG, GS, BAC, C , ASML, TSM and plenty of others hitting:
P.S. Don't forget to check out Scott Redler's Power Plays!
*Scott Redler Positions Disclosure as of 2024-10-14 at 8.35.24 AM
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