Daily Plan 10.17.24
Hey traders-
Today's show was all about the nuclear energy stocks, like CCJ and SMR.
SMR, in particular, had a great day, jumping 40% in a single session. That's on top of a 60% gain for the week and a whopping 109% for the month. I had mentioned SMR in my Substack a few weeks back when it was trading at $10. While we don't always hit every winner, finding stocks like SMR, which can jump 40% in a day, can make up for several smaller losses. That's why it's crucial to keep an eye out for movers and maintain consistency.
To celebrate SMR's blockbuster move, I'm offering one of the biggest discounts you've ever seen on this publication. This is your opportunity to get in at lower prices before the stock explodes higher. I mean with so much coming ahead, don’t miss the action.
On the emini side, I had a bullish outlook last night as long as we held the lower weekly levels. While those levels didn't trade, we still didn't do any business below $5850 before rallying higher into $5890 and closing the session near $5878.
In addition to SMR, I've shared dozens of fantastic ideas over the past few weeks, including Block (SQ), LULU, TTD, HOOD, DIS, UNFI, SMCI, Bitcoin, and PYPL. The list goes on and on.
Earnings season is fast approaching, so get ready for some explosive market action. I'll be sharing more earnings-related setups, but I think you should keep an eye on some of the beaten-down tech names like GOOG and AMZN. They appear to be setting up for nice moves.
There's been a lot of FUD surrounding Google, but I mentioned it a few days ago when it was at $160. It has now cleared $166. If we can hold the $155-$160 area, I believe we're headed back to the highs near $190, maybe even $200. They report later this month.
With respect to the chat, I have been having some access issue to the app. I hope to be able to back online in a couple days. Please bear with me, no pun.
Emini levels
With the emini levels, what you are seeing is more contested new highs here. This is different, and better than what we had early on in the week when there was very little volume built up here at these levels.
If you are a bear here, you want to see this whole zone around 5800-5822 gone. Minus that, we could remain supported here. Let us be real here for a moment and let me share why I am not yet ready to join the chorus and join the bearish party yet.
The main issue is you look at AAPL, you look at NVDA. Here I am looking at these and I am looking at everyone so bearish, and I am like what happens if we see a 4% day in AAPL?
This is why I cannot be bearish (unless we give up 5800 zone) just because the price is too high! I need to see some softness develop in leaders like AAPL and NVDA. Where is the weakness?
A couple of weeks ago every one declared NVDA was dead at 100 and today it reclaimed 136. I mean there has to be some sort of framework to make wildly bearish (or bullish calls). I will get bearish once we take out 125 on NVDA on the downside. Ok?
Level for tomorrow
Scenario 1: Watch out for this 5882-5890 highs from today. IF we cannot clear the cash session above 5890, I think there may be some impetus to see what is out there at 5846-5849.
Scenario 2: The bulls need to retake 5880-5890 in the cash session, and remain above for confidence to return and another swipe at 5920.
Levels are from emini December. It is at 5880 at the moment. For SPX, subtract about $40.
~ toc
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