3/9/22 The Bottom Is In, For Now…

News:

Markets went on an insane ride yesterday. After starting off deep in the red they headed well, +1%, into the green, only to give it all back up and close in the red.

The volatile session came on the heels of the US & UK’s ban on Russian Oil.

MCD, KO, PEP, SBUX withdrew operations from Russia too.

Overnight the EU said it had enough gas to last through winter. Stock futures rallied.

The war in Ukraine is far from over. But the news may have reached a short-term pinnacle. Russia is likely to overrun the country eventually. Russian oil is banned. And in the short term, the west will survive the energy crisis. I believe this is all now priced in.

On the crypto front, bitcoin is on the mend this morning rising more than 6% ahead of an executive order to begin studying and regulating digital assets. I believe regulation is bullish.

Technicals:

The QQQ, which tracks the Nasdaq 100, is showing a clear double bottom near $320

QQQ 1-hour candles – Chart via thinkorswim

Energy stocks appeared to have peaked yesterday. And most indicators remain neutral, though close to oversold.

As of right now, until we’re hit with more news, I believe the bottom is in. I’m shifting to a risk-on mentality and looking for opportunities to trade.

I have a few new positions noted below.

Timing:

Seasonal bullishness may help the market rally.

1 Week until FOMC…

Watchlist:

*Low Float
^Open Position

*MARPS is on watch
*^CRYN has support at $8
*CELP is on watch
*ICD is on watch
*NINE is on watch
WHD is on watch
^FTK has resistance at $1.80
LNTH has resistance at $53
PBF is on watch
^CTIC has support at $4
FLR has support at $26

Leave a Comment

Your email address will not be published.