Apple Ends its EV Dream
Daily Plan 2.28.24
The main expectation was to see buyers step in near 5060 and NQ for a test of 5090.
This was the correct take, as we barely did any business below these levels, before a sharp rally.
My other ideas in COIN, MARA, HOOD, AXP, SOUN, CVNA, and dozens others, continue to shine and are looking promising.
The main news of the day was the Pivot from AAPL.
They abandoned their 10 year pipe dream of an electric car and this was perceived as bullish for AAPL.
Looking at a session or two ahead, this 5060 level remains very key.
Nevertheless, I think this AAPL news is very important news.
In my view, the likes of META, GOOG while their performance recently has been unreal, are also rans.
They are trying to solve a problem that already has a solution- their shift on AI is a shift on how to sell ads more effectively.
The real players in this field in my view are AAPL, TSLA, PLTR etc. These companies will solve real life problems, using AI and I think as a result can benefit from the AI in coming years.
FOUR
This is an older substack stock, I shared around 50 bucks earlier. It is about 75 now.
I like the price action in it, I think if 69-70 holds, we could push higher into 90s on this.
PLTR
PLTR shared by me here at 6 continues to do well and is now trading around 24.
My key level for PLTR remains 19-20. I think if it holds, we may go higher.
I am liking these 4/19 Calls current bid at 1.8 for 25 strike. The week after they report earnings so these premiums could go higher as long as the stock hangs around here, and even better if rises above 25.
Consider sharing and subscribing for more options data like this.
My levels for tomorrow
GDP data tomorrow. Plus month end.
Could be interesting.
However, I think dips if any due to this data could remain supported.
My key level for tomorrow will remain 5056-5060.
Scenario 1: Dips if any into 5050s, could remain supported for a move back into 5090.
A tertiary scenario to watch will be the AAPL price action. I think the whole EV CANCEL NEWS is still being digested, but on balance I think it is a plus. I do not want to be bearish on the main index on the session, if AAPL were to clear 185-186. It is near 183 at the moment.
~ tic
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