The SPY is back over all its moving averages and clear for takeoff if these next 2 days go well with all the megacaps reporting. Until then this is just a series of lower highs. We have the fed meeting today and 2 huge reports from GOOG and MSFT as well, so we will have an eventful afternoon. My 1 big fear is Google having issues today, it is trading at lows and looking very weak. If they miss on search today, even if YouTube, GCP, etc are all booming the stock and market will get hit hard. I don’t think it will be today, but I do think at some point in the near future Google will miss on search as more people everyday are using various ai tools as their search instead and when it happens, Google will get hit. Let’s hope it isn’t today. The rally this week has mostly been semis as the rest of tech has remained weak. Today’s close is big, you don’t want to see us close back under that 50 day just a notch below.
The new tool I debuted the other day, below, can be really helpful if you’re willing to put in some time and effort to put these trades on. These are the top names from the strong recent record on monday the first day it was available. I highlighted VRT and AMKR short puts that day, both worked perfectly with AMKR up 4% after earnings and VRT up 15% today. You have to understand with trading, you’re trading setups in the short term. When you’re taking long term positions it is a whole different thing where you’re involved in a thesis and have time to wait. With trading, you’re looking at how did the same setup perform historically and that’s why I wanted this tool built. It gives you the ability to see how trades have worked and decide for yourself what trades you want to place as a starting point in your own discovery process.
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Here are today’s large cap momentum scans from the database, the rest of the small and mid cap scans can be found in the database link below.
My Open Book
