Stocks I am Trading These Days
Yesterday morning I featured the QQQ NASDAQ 100 chart in my pre-market note and later in the day it did indeed make a new all-time high. The SPX should be doing that soon as well. Here is the daily chart:
As I would expect the price action that started very steep from that April low has slowed down a bit as it has come inside what I call the battlefield zone. The key thing is price continues to make higher highs and higher lows. As long as that continues, we are not in trouble.
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Here is TSLA daily chart:
Price has made a lower high as we can see. I am still giving TSLA a chance because it has not made a lower low and price closed yesterday exactly at the bottom of that battlefield zone. I am still long some call spreads in my trading account.
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Here is IBIT which I use as a proxy for Bitcoin:
There are 2 ways to look at IBIT: 1) Price is making a bull flag pattern. If so, this will eventually be confirmed by price breaking out and above the all-time high. 2) Price has made a sequence of lower highs and lower lows. That is bearish. So bottom-line, the next price action outside of that channel will decide which direction rice is headed. I still hold my BITU position in my long-term investment portfolio. But nothing for now in my trading account.
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Next up is HOOD - my current favorite stock:
Nothing bad can be said about the chart. And nothing needs to be said. Yes, the RSI is indicating overbought - but it has been showing that now for 6 weeks. If I did not trade this for those 6 weeks, I would really be mad at myself. Price has moved from around 50 to now 85 in those 6 weeks. I have HOOD call spreads and also ROBN as trades. I also have ROBN in my long-term portfolio.
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Next up is PLTR
Another one making new highs. Again, nothing much to say except that the valuation people should stop berating about its valuation and just move on. They forget that it is easier to place value on AI hardware but very hard to do that for AI software. Software has always been king. I trade PLTR and PLTU and also have PLTU in my long-term investment portfolio.
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Next up is COIN
Price has gone up from 250 to 360 in 5 days. Thankfully I was able to see the momentum building and caught most of the rise. Many tailwinds for COIN right now, so price could keep going higher. I only am trading using COIN call spreads and CONL. Nothing in my long-term investment portfolio.
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Final one, CRCL
Not much to see in the chart as it has only been trading for 14 days now. Price has fallen by 100 points after touching that 298 level. Clearly not for the faint hearted. I am long in my trading account as well as in my long-term investment portfolio. I believe stablecoins are going to be a thing and CRCL is well positioned for that.
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Have a great day.