$NBR came on my radar on Wednesday. I set up the trade to trigger while I was away for the day.
Here is the trade when price touched my entry.
$NBR -- ok, no complaints. made some $. But was making a decision with my hands tied behind my back. When dealing with non-blue chip or unfamous companies, I always a make a point to look at their short-interest, just to see if there's something to help a long trade. I didn't do that here because I wasn't fully focusing. If you go to shortsqueeze.com you'd discover that it has a big # as % of its float, meaning that if the price spikes, a certain amount of short sellers are going to either run to take profits, or if they're underwater, will head towards their puke-point if they're not fully committed to the short. Had I known this, I'd have likely given this some more time today (but still wouldn't swing it long)
Below is where the trade ended up ! I didn't get all of it but like I said I am happy.
Check out this video I recorded.
I review the market and build out some trades for the next few days.
Weekend update. Here's what happened last week
Monday: Dow surges 580 points thanks to Boeing and record home sales
Tuesday: Best quarter since 1987?!?!
Wednesday: Stocks close slightly higher on vaccine hopes and better than expected economic data
Thursday: Biggest Jobs Report ever: 4.8MM jobs added in
Friday: Markets closed in observance of 4th July
$XRT, $BBBY, $M (Macy's), $CAKE, $W (Wayfair)
Retail was decimated by Coven-19. They have been active & action stocks both up and down. Mitch went with a little top down analysis, using the segment ETF for guidance with intermediate & higher Time Frame charts. The blue chart is the segment ETF, & there are a few symbols orbiting that "rhyme", i.e., have similar levels at similar points in time. The high-probability play is to wait for the ETF to reach its level and then either act on that or play another symbol that's moving similarly.
The charts below are the setups we have waiting for entry.
Monday: Stocks start the week higher in spite of violent U.S. protests
Tuesday: Protests and looting puts major cities on lockdown – so why do stocks rally?
Wednesday: The BEST 50-day rally EVER…
Thursday: “Operation Warp Speed” helps Nasdaq make new records, but…
Friday: Great News: Stocks go crazy after FANTASTIC jobs report…
$JETS -- Airlines, like other things, gapped up today. But they then gave back a fair amount of their gains, forming a pretty large red daily candle & closing in the bottom 20% of its range or so. The airlines, as tracked by the JETS etf, now sit on the 100D SMA, which coincides with a major round #, $20. If JETS doesn't hold there Monday there's no real demand until about 12% underneath. This will be something we'll be tracking next week & we'll be monitoring the major symbols for opportunities (($LUV, $AAL, $DAL, $UAL, $ALK, $JBLU, $HA, $SAVE).
Here's what happened this week:
Monday: Stocks have their best day in 4 weeks, and here’s why
Tuesday: Shocking: Vaccine doesn’t work? – DOW drops 390 points
Wednesday: Crazy: Fed sees “extraordinary amount of uncertainty” – and Nasdaq is only 5% away from all-time highs!
Thursday: Stocks down, but Billionaires increased their net worth by $434 billion
Friday: Today’s market action felt like deja vu from February