Bitcoin Is Beautiful
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are -18 as rates rise a little this morning. China’s PBOC cut its 1- and 5-year loan prime rates by 25bps. Fed funds are pricing in 43bps of cuts in 2024, so it might only be one more this year. After six weeks of gains, some are a little worried as we get closer to the election. We’ll see if 5840ish holds, but for things to change actively, a hard close below 5804ish needs to happen. Now let’s dig into some individual names, starting with the topic of today’s email: Bitcoin is still a major focus in Power Plays. It woke up 10/14 as it cleared $62k-ish. I bought MARA calls, CORZ, MSTR, and WULF to participate. We’ll see if BTC can hold $66k-$67k to drive faster momentum. The weekly/monthly charts look beautiful and point to new highs at $85k+. TSLA was sold on the Robotaxi Event. Six tight days like we just saw don’t happen often. Expectations are very low for earnings this Wednesday. I bought small lotto calls for after the election. $217 is active support, then the key is $214. $224ish is gap resistance pivot. We did well with NVDA calls last week and I rolled them up. Now we see if the $136 area holds to keep momentum here. $140.89 is important resistance. The action here today will be more important than Friday. LLY has a nice upper channel since July. I did nibble some $990 11/1 calls for earnings in case it has a big beat and split. If it does a pre-earnings move, I’ll create a spread. GLD opening at new historic highs, rewarding many on all time frames. It’s $252+ to manage. I’d trim, not add today. 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. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Your Tip for This Week: Set Goals for the Future It’s important to have short-term plans. And netting gains as often as you can is key to success. But think about where you want to go long-term, whether you want to be a pro or not. Once you have some goals in place, you can step back and start to put a plan for success in place. Maybe you’ll need more education, or to learn a new asset class like options. You may also need to develop more psychological resilience to deal with the day-to-day chaos. So set some goals for yourself, even ones that seem out of reach. You might surprise yourself. This Week’s Calendar We have some big earnings reports this week from SAP, GE, TSLA, and others. P.S. Don’t forget to check out Scott Redler’s Power Plays! *Scott Redler Positions Disclosure as of 2024-10-21 at 7.50.22 AM
Continue Reading -->69% Gain = $10 Swing Trader’s Best Week Ever
Sami Abusaad’s $10 Swing Trader newsletter is having its best week ever, thanks to home runs in Wave Life Sciences (WVE), Ericsson (ERIC), and Lithium Americas (LAC). Sami Abusaad had a SHOCKING gain in $WVE. And $ERIC too. Here’s how it went down: pic.twitter.com/ydAb1B5UY1 — T3 Live (@t3live) October 17, 2024 WVE is now the single best performer in $10 Swing Trader history, up over 69% from Sami’s entry. On October 16 — just 2 days after Sami’s entry — WVE gapped up 74% in one day on positive study data. And what’s Sami doing now? He’s letting his profit run. Sami sees potential for WVE to hit $30 — a 242% gain from the $8.76 entry. However, risk management can’t be ignored. As he told $10 Swing Trader members, the stop strategy is now to use a “daily bar-by-bar approach.’ This means he will only exit the trade when it falls below a prior day’s low. Since WVE is a wild biotech stock, this will help Sami protect his gains. Yes, $30 is possible. But it’s not guaranteed. Now let’s talk about Ericsson (ERIC) — a slow, boring, value stock that’s been so strong that Sami added on the way up. Too many traders rush to take profits. But sometimes, Sami will actually add to a position on the way up to magnify his profits. In this case, Sami got long ERIC at $6.21 and then added at $6.38. The game plan now with ERIC is to use $8.09 as a stop. So in the worst case, he would be up 28% on ERIC. (calculated using an average of his $6.21 and $6.38 buys). Sami still sees ERIC hitting $9. Now let’s talk about Lithium Americas (LAC). As of late, stocks related to electricity (utilities, electricity infrastructure, nuclear, uranium, etc.) have been absolutely booming. In $10 Swing Trader, we positioned into LAC on October 7 with a $2.86 entry based on a Daily Transition A Breakout. Then on October 16, General Motors (GM) announced it was contributing $625 million to a joint venture with LAC. So now $10 Swing Trader is sitting on a big gain. But, the fun may not be over. Sami sees potential for LAC to hit $6 a share, which would be a 109.7% gain from his original $2.86 entry. Want to get Sami’s next batch of $10 Swing Trades this weekend? Head here.
Continue Reading -->Nvidia $140 Matters Right Here, Right Now
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are +20 after the 8-day held yesterday near 5800ish. TSM has the semis higher as it overshadows the ASML disappointment. That’s the big question. There’s lots of great action as the IWM hit monthly highs, and energy grid names did very well yesterday. SPX 5871 is the recent high. Now let’s dig into some individual names: NVDA: I bought NVDA $140 calls for next Friday into the weakness. Today we’ll see if it has enough power to get and stay above the $140 area. That’s what tech wants right now, so keep that level on your radar. TSLA was sold on the Robotaxi Event. It might be worth a look if it can hold $214 and get into the gap above $224. If that gap doesn’t get filled soon, it can go lower. It’s very choppy but looks like it will resolve soon. RDDT had a nice move from $64ish to $77+ to manage. I added back as it held the 8-day and now lit ooks ready for a move to $80+ in the weeks ahead. CCJ was a nice accumulate around the 8 day near $49-$50 and it had a nice day yesterday to see $55.97. I’d think it sees $60+ in the weeks/months ahead. I’d stay with it. IBIT woke up last Friday to get me bigger. It hit $38.93 to manage. $36.82 is key gap support that needs to hold. I’m looking to reload lower. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. *Scott Redler Positions Disclosure as of 2024-10-17 at 7.23.40 AM
Continue Reading -->Alpha In This Market Is Under The Hood
David Prince says “there’s a lot of alpha under the hood” in this market. That means he’s trading less MAG7 names and focusing on themes. Two big themes lately have been FinTech, with stocks like Affirm (AFRM) and Upstart (UPST), and Chinese names like Alibaba (BABA). David joined an X Space with other traders to discuss the current market and what he’s doing, his comments start at 26:00 in: https://t.co/xPKRJDJhEU — Jake Wujastyk (@Jake__Wujastyk) October 15, 2024 He also discusses: Why he doesn’t subscribe to “black swan” events How he’s sizing big on good opportunities Expectations for XBI and IWM into the end of the year Want to trade with David? Apply to join the Inner Circle now!
Continue Reading -->This Bull Market Is Not Over. Here’s Why.
Sami Abusaad explains why the market is still bullish – even if we get a little sideways action. Sami explains: Why SPY and QQQ are so bullish The power of IWM’s big green bar from Friday, and why it’s still sloppy The controversial ETF Sami likes here Another silver play Sami sees rallying now Why Generac (GNRC) can extend its recent gains based on the monthly chart The bull case for Lululemon (LULU) The catch-up airline play that is on Sami’s watch list Why Walgreens (WBA) might end its 8-year downtrend – though it needs a tight stop His updated take on Alibaba (BABA) 3 short ideas for this week And MORE!
Continue Reading -->Yes, Bitcoin Can Hit $100,000+
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. 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. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. 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
Continue Reading -->How You Can Build True Confidence as a Trader
The T3 Braintrust sits down to discuss how you can develop confidence as a trader. Derrick Oldensmith explains why trading is more difficult than many people think, and the mentality you need to increase your odds of success. JR Romero explains the importance of an edge, and the problems that come with starting during an easy market like 2020. And Sami Abusaad shares how he came back from a large loss at the start of his career to build a sustainable career in the markets. Derrick’s positions as of 10/10/2024 at 11:29 am ET: Was long BYON, JOBY, QRTEA, TELO, TSE, UVXY, CVX, PATH, SOFI, TRSG, U, UVXY calls; Was short NVDA, TSLA, TQQQ
Continue Reading -->The Key SPX Level Right Now
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. Yesterday, Scott Redler appeared on Fox Business’ The Claman Countdown alongside BlackRock’s Tony Espirito: Watch the latest video at foxbusiness.com Scott goes over: Why the SPX 5781 level is key right now The importance of the Equal-Weight S&P 500 index catching up The impact of last Friday’s jobs report Where the SPX can go from here And MORE! Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. *Scott Redler Positions Disclosure as of 2024-10-07 at 7.44.44 AM
Continue Reading -->Why SPX Will Hit 6000+
On September 25, JR Romero issued a $200 price target on Nvidia (NVDA). And since then it’s run from $123 to $134+. Now he argues that the SPX will soon exceed 6000: JR shares: The simple reason JR can’t be bearish right now – even when he’s uncomfortable Why he’s so bullish on Palo Alto Networks (PANW) going back to $380 His shocking price target on Microstrategy (MSTR) The bullish technical pattern in Starbucks (SBUX) Carnival’s (CCL) “beautiful” technical breakout, which could mean a 35%+ move Why Robinhood (HOOD) looks to fantastic And more! Yes, JR delivers even more great ideas in this 3 minute video — including a chemical name that could rally $100, and his #1 pick of the week.
Continue Reading -->My 2 Favorite Dip Buy Names
Brought to You By Scott Redler’s Power Plays – Get My #1 Idea Every Week. SPX futures are -30 as Fed expectations needed to change after Friday’s jobs report. Markets went from 72bps of cuts down to 50bps of cuts, so the market needs to prove it can absorb that. QQQ: a few key names caught downgrades this morning as we see if tech can stay constructive. QQQ need to hold the $482 area. Otherwise, it gets sloppier. Now let’s dig into some individual names, starting with 2 dip buying candidates: DASH has been a great focus and Power Play from the $128 area. It’s had multiple upgrades and hit a high of $146+ to reduce. It’s a little extended, but I will look to buy dips as this name can be a leader for months to come. I’d think $141 is a good opportunity if it can see it. RDDT is still building a huge base from the IPO. The last time it tried to break out, it failed. It has a decent base now. I am long vs. the $62 area and added through the $70 area on Friday. I’d stay with this and buy dips as it seems on its way to the old $74-$76 resistance area, then $85+. TSLA: Let’s hope the Robotaxi event isn’t as overhyped as the deliveries number which turned into a buying opportunity. $237 is the recent low. It’s not down much on the cautious Barron’s article. Maybe it goes red to green and tries to clear $250. NVDA isn’t leading but gives us targeted trades. Today we’ll see if it can hold $121.90 and try to go green. I’m long stock and calls for Friday. $125.02 is pivot resistance. AVGO: Some were long vs. $165. Now it needs to hold $171ish. It can be the first semi to make new highs on the year again. Featured: Join Scott Redler’s Plays for $99 Get Scott’s #1 idea each week. That’s 52 weeks for just $99. (not a typo) Be on the list for the next idea: See why now’s the right time to join. Your Tip for This Week: Tune Out the Noise The most productive part of my trading day is when I sit at my desk, turn on my music, and start checking charts. The TV is off, and I’m not talking to other traders. I’m left alone with the price action, which is what we need to focus on. If you are serious about becoming a successful technician and trader, set aside some time to tune out the noise and just drill down on your charts. You may be surprised at how differently you operate when you’re not distracted by headlines and chatter with other traders. Don’t assume you are immune to the influence of outside forces. Many technical analysts fail because they ignore their own analysis as soon as they hear a conflicting message from the outside. This Week’s Calendar It’s a huge week with CPI, bank earnings, plus the Tesla & AMD events. P.S. Don’t forget to check out Scott Redler’s Power Plays! *Scott Redler Positions Disclosure as of 2024-10-07 at 7.44.44 AM
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