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3/23/22 The Crash, Gamestop, & Tesla

News:

Markets rose again yesterday, the Nasdaq led the way posting a 2% gain.

Shares of Gamestop (GME) have practically doubled off of last week’s lows after chairman Ryan Cohen announced another 100,000 share purchase. His stake in the company now stands near 9.1 million shares or 11.9% of the company.

Ryan Cohen Twitter background

Shares of KOSS, AMC, and other meme stocks are rising as well.

But don’t forget about WallStreetBet’s original call…

Shares of Tesla (TSLA)^ rose nearly 8% after Elon Musk celebrated the opening of the latest gigafactory in Europe.

Technicals:

The indexes are all climbing and looking extremely bullish.

The Dow Jones has reclaimed an old support level and is leading the charge higher after hitting correction earlier this month.

DIA Daily Candles – Chart via thinkorswim

Some signs are pointing to the market being overbought. I’d love to see a cool-off and some sideways action ahead of the new month.

Timing:

Today is the two-year anniversary of the bottom of the 2020 Covid market crash. In 2020, the S&P 500 ended its decline of about 40% on this day. Over the next 21 months, it gains about 120%…

History doesn’t repeat, but it rhymes…

If you like that stat you’ll love our new calendar. Sign up for updates here.

April is traditionally the best month for large caps in the S&P 500 and Dow Jones.

There will likely be more opportunities coming our way in the very near future…

Watchlist:

*Low Float
^Open Position

*NRSN is on watch
*RAIL has support at $5
^*SGLY has support at $9
IMXI has resistance at $22
EIGR has support at $9
^HDSN has support at $6
VYGR is on watch
SPTN has support at $33
APLS has support at $50
LXU has support at $22
GLNG has support at $20
FLR has support at $29
CCJ has support at $28

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