Market Notes:
It’s Thursday and the Russell 2000 dipped about 2% yesterday. The Nasdaq failed to make a new record high despite the large caps pulling the Dow Jones and S&P 500 to new highs.
Yesterday’s pullback was a dip-buying opportunity in my opinion. The overall trajectory and momentum levels in the market haven’t changed. But stocks don’t just go up, there’s a natural progression of dips and spikes. Traders must learn to recognize these and not make irrational emotional decisions.
This morning new jobless claims and GDP data are due out at 8:30. As long as the jobless claims remain in the 300K area and GDP near 3% I’ll remain extremely bullish as we welcome November.
Crypto remains hot and bullish. Bitcoin reclaimed $60,000. But DOGE coin and SHIBA INU are the meme cryptos outperforming all other markets right now. As long as assets like this soar the market will remain risk on.
I’m not overweight on any position right now. I’m holding a lot of cash and waiting for the perfect story to align with the chart.
I’m risk on and willing to bet big on the perfect story.
For the record, I’m still long the indexes. If the Russel dips more I’ll buy more.
Watchlist:
*HUDI has resistance at $25
*MRAI has support at $5
*BKKT is on watch
GRTX has resistance at $3
IFRX has support at $4
IONQ has resistance at $13
AGC has resistance at $14
CARA has support at $16
KULR has resistance at $3.25
WTRH has resistance at $2
UNIT has support at $14
OTC, no levels:
NSAV, WSRC, DPLS