Daily Trading Plan - 11/15/2022
Market Recap
The market gapped up as PPI came in lower than forecasts on a year over year and month over month basis. Volume also increased giving the Nasdaq an additional follow through day. There was a brief sell off midday as news of a Russian missile striking Poland put a damper on things, however things recovered decently and closed mid-range. The market is still extended from it’s moving averages so it would be nice to see sideways consolidations. The Dollar and Rates moved lower, while the Vix was positive, but closed well off it’s high of the day.
The SPX still finds resistance at the 61.8% retracement from this third leg down.
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Current Positions
Moving onto my portfolio, ALB was unfortunately very weak on the open and I had to sell it for a small loss. I did, however, place two new trades. I picked up MELI as it completed a kicker pattern and MBLY as it retested the IPO base pivot point.
Current Holdings: ANET 0.00%↑ , LULU 0.00%↑ , MBLY 0.00%↑ , MELI 0.00%↑ , ON 0.00%↑
Tomorrows Plan
After reviewing charts, I don’t see anything to do tomorrow except manage current positions.
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The content presented is for informational and educational purposes only. Nothing contained in this newsletter should be construed as financial advice or a recommendation to buy or sell any security. Please do your own due diligence or contact a licensed financial advisor as participating in the financial markets involves risk.