For today, given the gap up and just general reaction to NFP I don’t want to make any big calls for triggers or ideas to end the week. That being said, below I attached two of the newsletters that I think best describe our perspective and plan recently for a refresh below.
As of now, I’m not gonna go the route of a trigger or levels update since we’ve been dealing with the same kind of ideas for a couple weeks. Inherently, today I think there will be some profit-taking just because of the size of the move that we had from lows/overnight.
I think the stronger setups are in those higher time frame bullish wave counts. So as the market is trying to make a decision relative to the double megaphones, If you’re looking for a name to get continuation with this kind of move, you want to be in a structure where this wind at its back keeps it going.
For bias, I’m still thinking bullish channel off low, but if we are setting up for a bounce and a further corrective wave C, I do think the end of next week will be very key for determining that. in that case, I’ll definitely be watching that SPX area that I mentioned in the discord.
I also think bowls aren’t quite out the woodwork yet even if we do go to the gap above. That’s because I think buyers will continuously face sellers looking for and move to get out or a lower high / double top in order to have an “I told you so moment.”
As far as positioning, I’m still holding some of the means I took to hedge price moves as I explained in the video. Just makes more sense not to be one-directional. Currently still holding Google and no major new positions have been added to the long portfolio in individual names. I missed PARA commons on the news yesterday, but I will be more than willing to play it on a deep retrace on the name or further market pullback if they come. I did want to build something long term there. Personal lesson for me on not being to greedy when it comes to positioning for investments even if you are cautious of market going lower.
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