UPDATE April 25
What time is it?
That's right, it's EARNINGS time!!!![]()
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I don't know why, call it a hunch, but I think the market wants to go up. Do not be sucked in. This is not a rally you want to own longer than a day maybe two, but definitely not into next week. At the end of this week and next week is some critical FED and economic data. I believe that will be the catalyst down.... But that is next week.
This week, I expect slop and maybe a new high.
That looks like a BULL FLAG to me. And the risk is light. If the price can breakout of 13100 (actually around 13120), then I expect a run to 13350 before resistance. At that point, we would need to follow price action, but after a pause/pullback at 13350, then 13500 should be reachable. The downside is the bottom of the channel, around 12960. If it breaks 12960, then 12800 should be the next support.
*3M beat earnings - and announced 6000 job cuts, and supply chain issues (China relations)*
On QQQ
312.5 should be support. That's the trendline and the 200MA. Resistance is 317, a break of that should also put price above the mid bollinger. The upside target would be ~318.5. That is the upper bollinger. From there, the price can push the bollingers up to the 325 (325 would not happen in one day unless we get a wow day). If 312 breaks, then 309 should be the next support.
The 50MA (green) is moving up, I expect it to cross the 100MA (red) and that should provide some upside movement. If price holds, that is an Arc bottom, which should lead to more upside.
$Halliburton(HAL.US)$ reported earnings this morning (it was a beat, surprise, surprise) HAL, SLB, BKR are the big 3 oil servicers. they comprise the majority of $VanEck Oil Services ETF (OIH.US)$
I currently own OIH and SLB.
OIH had a bullish engulfing day yesterday (big green candle swallowing the previous day), now we need a follow through day today.
Closed the OPEC gap on an earnings beat. Now, we should be clear to continue up. Probably to close the gap up at ~52... Again, I will reiterate - I would not own anything into next week, and I don't like holding longer than a day or two.
NatGas should be on a long turnaround.
Fertilizer/Potash is a NatGas play. I started buying just under 26 (my old average was 21🥲) I only bought 100 shares, I was going to do 1000, but I thought nah, I'll leg gently into this. now I'm going to need to leg faster 😄. heres the thing with commodities - One day they're cheap, the next day they aren't. And yes, this ran to 121 during the last planting season.
Everyone talking about GOLD, GOLD, GOLD
but they should be talking about PLATINUM PLATINUM PLATINUM.
Historically during recessions PLATINUM will surpass GOLD price.
Another quick post next week should be a decided direction. The market is churning because it needs to build enough momentum to move down. Buying Puts at close and calls mid day has been paying off, but I think that may end after today, we will see.
Be Safe, Be Careful, Be Wise
and as always
Good Luck ![]()
$Golden Sun Health Technology (GSUN.US)$ My little one has a lot of fight to get positive again, but looks to have bottomed, maybe temporarily, but it's a start.
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Ping983 : Thanks
Mike Obama : sup with CLF big homie!?
iamiam OP Mike Obama : clf beat earnings, but I think it needs to close the gap at 15.15, I would look for a rebound there.
FFIETOTHEMOON : SLB falling
FFIETOTHEMOON : I tot it’s gonna rise with the oil price?
iamiam OP FFIETOTHEMOON : not necessarily, but I'm looking for a rebound, it gapped down and took out yesterday's bullish candle on oih
活力的羅傑 : Come on, work hard to earn Daihatsu
razo2 : we have GDP Thursday.
iamiam OP razo2 : yep big news later this week
razo2 FFIETOTHEMOON : oil is pricing a recession when supply is concerned. the only reason why oil prices is going up is because the market choose to ignore the recession advice by OPEC+, USD is weaker (commodities go up) and the change in season for oil (take my word winter oil is cheaper than summer oil)
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