Markets posted big gains across the board yesterday after Ukraine’s President mentioned he’d “cooled” on his NATO membership application.
The war has not slowed down. Reports came in yesterday of a Russian airstrike destroying a hospital.
After hours AMZN stock popped after announcing a 20-to-1 stock split. They are following on the heels of GOOG/GOOGL which hasn’t performed well since their split announcement. But neither has the market…
President Biden’s executive order on crypto dropped yesterday. The order essentially tells the government to study crypto, and consider how to “protect the unique role that the dollar plays.”
Crypto rallied initially but has since given up most of those gains. At writing, Bitcoin is trading below $40,000.
After yesterday’s strong rally markets are pulling back some this morning.
I maintain my belief that a short-term bottom is likely in. But the market doesn’t have as much faith as me.
The put-to-call ratio is out of whack with my other indicators.
Anything above 1.0 I consider to be “oversold,” in other words too many puts. Traders are shorting this rally heavily.
With so much resistance overhead I’m not going to get aggressive just yet. I’m still waiting for the perfect setup.
I’m maintaining my current positions, see below.
Less than 1 week until FOMC…
*ICD is on watch
*SGLY has resistance at $8
HDSN has support at $5
VYGR has support at $6
WHD has support at $55
^FTK has support at $1.80
LNTH has resistance at $53
PBF has support at $22
^CTIC has resistance at $4.50
FLR has resistance at $28