President Biden is celebrating as a major piece of his agenda passed and $1.2+ trillion in new government spending is in the pipe. Internet and EV companies could see big benefits in the coming months and years.
But the speculation is often worth more than the news. With the market super overbought the VIX soared on Friday as the market climbed. I liquidated more leveraged index ETFs with solid gains.
I’m watching for a short-term dip or at least some sideways price action for a few days. We need a cool off and the news of a big bill could be the perfect catalyst. As I stated earlier … The passage was priced in.
There’s plenty of other notable happenings this morning…
Elon Musk, through a Twitter poll, has committed to sell 10% of his TSLA stake worth nearly $20 billion (about one day’s trading volume). The move will cause him to pay taxes … something rich people don’t normally do. TSLA stock is down more than 5% at writing. (I voted no)
Bitcoin is moving back towards all-time highs this morning after holding the $60,000 level for the past few weeks.
With the bills passage and the market looking toppy I expect some sector rotation, which explains crypto moving up. The market appears to be staying risk-on and there are little signs of fear in the market.
I’m super bullish still. Watching for short-term opportunities. Follow me on Twitter for my latest moves.
Watchlist:
*REV has support at $14
*PETZ has resistance at $4
*BCTX watching for a setup above $10
FSII is on watch
TCS has resistance at $14
IONQ is on watch
KNDY has resistance at $16
YELL has resistance at $11.50
EGY has support at $4
WTTR has support at $7
KULR has support at $3.40
HMHC has support at $17
UUUU is on watch
CERS has resistance at $8
PRMW has support at $18
ENDP has support at $6
OTC, no levels:
AABB, INND, LIACF, ILUS, IPIX, CYBL