Explosive Nasdaq Gains in 2023 As of this writing, the Nasdaq (NDX) is up 39% year to date. This move has occurred mainly on the backs of key mega-cap names, including Microsoft (MSFT), Tesla (TSLA), Apple Inc. (AAPL), Netflix (NFLX), Nvidia (NVDA), Advanced Micro Devices (AMD), and Meta (META). Check out the chart of the … Read more
Hello, Volatility? This week, we have multiple high-volatility scenarios happening. Specifically, the market is waiting on inflation data and then the most important part, the Fed’s reaction to it. CPI data was released this morning, PPI will be released tomorrow, and then the big one: the FOMC meeting on Wednesday. There is also a witching … Read more
Choppy Indexes As of this writing, the Nasdaq is up about 1% today. But it hasn’t made much progress over the last week and a half, as it’s primarily been stuck in a tight range. The Nasdaq has been trading between 14,250-14,700 and stuck within a 500-point zone. But, this is also after it made … Read more
All eyes have been on Apple, Microsoft, and Nvidia as they reached for new, all-time highs. Nvidia achieved the feat first, with an explosive post-earnings move into $419.38. Today, Apple traded as high as $184.95 before profit takers and sellers brought it down. The quick, intraday reversal left it closing the day down -$1.37, or … Read more
The Nasdaq: A Bullish Setup This week, the indexes finally saw a tiny bit of a pullback. Instead of that pullback being a driver for a more profound retreat in the indexes, it only appears to be another buying opportunity in the direction of the trend. That trend is up. The Nasdaq has mult-timeframe squeezes, … Read more
Momentum Momentum in the market is one of my favorite setups to trade, and that momentum can come through short squeezes. What is momentum? Momentum is typically a greater-than-expected move that occurs in an individual equity, index, or sector. The moves in individual equities, particularly in equities that can be more volatile, are generally bigger … Read more
Shares of Nvidia (NVDA) soared today after the company reported earnings that were well above estimates. Most impressive however, was the company’s estimates for next quarter’s revenues which was more than 50% above Wall Street estimates. NVDA cited surging demand for its chips that help with artificial intelligence applications and the stock is poised to … Read more
The Consumer Staples sector closed below its key 50-day moving average today and is on track to be the worst performing area for the week. This underperformance began last week and was along with other defensive areas of the market such as Utilities and Healthcare. At first glance, it appeared as if last week’s 4% … Read more
Identifying Opportunity in Chop When the market is choppy, it can be a bit frustrating for those of us traders who love identifying directional moves. But, as we know, the market chops around 80% of the time and spends the other 20% of the time making big moves. It’s our job as traders to … Read more
A Video Update Last week, we discussed the move in Google, both before and after Google’s AI event. While I continue to like the stock long-term, Google did demonstrate a bit of exhaustion today. It hasn’t fully triggered a pullback move, but I’m watching and waiting for a potential pullback play. I discuss this, including … Read more