I don't see much happening today. Given the recent wave 3 impulsive rally, my most likely scenario for the Dow is for it to form a wave 4 triangle. To do this, the index should bounce around between 25,300 to 25,750 for the next week or so, and then make one more push higher for final wave 5 up. Wave 4 triangles can be difficult to trade, so scalps only. BTW, thanks to the student who spotted the divergence in the QID during yesterday's follow-on training session. The late trade put a cap on a really nice day that included trades in DDM, gold and TBT. I'll be trading the same vehicles today, especially if the Dow pulls back early and gives me a good entry point. Best chart to trade the developing triangle is a 4 min, 4-day layout. If you see the 1-2-3 set-up I showed you in the Scalp Trading Class, trust the indicators. Don't anticipate. h
Wave 4 is not D. There is no D. He is saying that we will go up and down for a week in a narrowing range. Today should create the bottom of the wave. Once it completes we go way down for wave 5 down to complete the wave 5 pattern.
I feel like the press conference being at 2pm makes me think that trump and his advisors don’t think his words will move the market down. If they thought that, they would do it at 4 or 5. Maybe I’m wrong but that’s what they’ve done in the past.
I’d like to make a few options bets against the market to balance some of my longer holdings. What are some ETFs or funds that are good for that? Holding period would not be long term. I found SPDN, SH and PSQ, but I’m sure there are issues with those
Everything dropped in preparation for shitty news, he'll be just average shitty, and the last hour of the week will be spent on everything getting back to where it started the day.
CGC getting hammered today, what are y'alls thoughts on the weed stocks? I don't know them well enough to know who the front runner is or if there even is one. It seems like states will need every dollar they can get, gambling/weed is an easy revenue source.
He was brief. Said he has a team investigating Chinese companies listed in the US and condemned the loss of autonomy for Hong Kong. He said there will be consequences for China’s actions. No q&a with the press.
Think we had a talk on them a couple weeks ago in here. Would take serious DD to say one that comes out on top. CGC seems the most likely, but I think they're all going to have days like this until the US makes it legal nationally.
watch the Hasan Minaj show that he does on Comedy Central. Great piece on how Pot Companies work in the US. after watching that, there are only 5 players in the industry and Canopy seems to be very well positioned to dominate.
I'm long on almost every major weed stock. I have a number of LEAPs on CRON, ACB, HEXO and a few others. It's also sell options against them in the short term, but that's a little risky and there isn't much volume. AMA
Put in a spy call order around 1:45. Barely missed it executing. If it did I’d have made a quick thousand bucks
Serious question because I don’t know: Are you worried that people may balk at weed from a distributor because of added taxes and fees? Does Colorado have this issue?
Did you not listen in DARE? Weed addicts will go to any lengths necessary to satisfy their weed cravings. Taxes and fees ain’t gonna stop them.
I don't think a drop is coming any time soon. Dark pool index at all time highs which is INSANE after the run that we've already seen. Dark pool is a measure of big, big transactions that are done off market because if they were put under normal trading volume they would drastically move the market (keeps volatility in check). The big money came in right before we pivoted up.
Baba was being held down by the fear trump would delist all Chinese ADRs due to the recent LK coffee scandal. If he had actually ordered them to be delisted, The US supply chain would be fucked. China would stop selling us goods. He gave his speech at 2:45 on the topic of Uihghirs, HK situation, and then the Asian financial market. No sanctions, just “huff and puff” by the orange man. When you see something stupid, bet big. 70% increase in the 51 minutes post speech. I feel like he set up a bear trap for his buddies. Have to tuck the balls in the anus sometimes. Other play was DAL puts, bought wednesday.
I don't know. The rug pull can happen quickly. But this + proximity to election and I think we keep ripping for 6 months. I've been wrong plenty though and this complacency people are switching to is usually what precedes a drop in these conditions.
I will add to this I think it's a far more bullish signal than any retail indicators since they control the market. If everyone hasn't figured it out yet, news means absolutely zilch. Even states closing back down won't mean a damn thing.
It would be great if the market could just continue rising up til the election. I’d have no problem getting out at that point