SMCI Goes Parabolic
Hi everyone,
I hope you are having a great Thursday!
In this post I’ll concisely share my thoughts on the day’s action. And share a bunch of stock charts that caught my eye.
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Now let’s dive in ↓
Market Action
The QQQ a bit wedgy action but staying above the 21ema
IWO stronger, rebreaks out. Volatility is certainly high
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above Rising
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Daily Performance charts from the open:
Key Stocks in Deepvue
SMCI going parabolic. If you have a position know your plan. Wether that’s selling into strength, selling on weakness or a mixture. Expect increased volatility
2 straight gaps and at the psychological 1000 level. I would not be surprised to see this at 1500 or 500 next week
FROG huge volume, continuing stage 2
LYFT strong day 2 action after HV1
APP strong gap. Good volume and long base
ALKS nice earnings move. Biotech has been a strong theme
IDCC sounds like an AR/VR Play. Immersive experiences
FOUR near the top of the base
PLTR inside day
NET see if this can u turn
ARM pivot. This is not obviously an idea pattern, but it is a powerful stock
TMDX near a pivot
HOOD inside day. On the verge of a stage 2
Market Thoughts
Stay grounded in your process, follow your position management rules while you can. Increased volatility currently but a lot of strong moves to the upside. Don’t get FOMO or worry about stocks you missed. focus on what you can control and pick your spots.
Reminder:
Risk Management is Paramount
Refuse to enter randomly without managing risk and wait for the spots to develop, they will. Stocks during strong moves always pull back to the 21 ema, 50 sma multiple times. Look for a tight and logical entry point.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
Take it day by day and manage risk along the way. Be ready for anything
What are your thoughts on today’s action? (Leave a comment below)
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Cheers!
Richard
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The "Risk management is paramount' Reminder will be worth reading everyday if the bull abides