Daily Plan 1.17.24

Hey-

Tremendous day today from my weekly support level shared on Saturday, we saw a very robust rally every time the market tried to take this level out.

Also good action in MARA and COIN, etc from a crypto point of view.

I shared a FEB 9 Call on Saturday which was trading near 1.5. I expected this call to sell off today below $1 and it traded down into 90 cents before finding some bids and closed higher about 20 cents.

In other names shared over the week, massive action today in chip stocks like AMD and NVDA. AMD alone was up 8%.

GCT also did well, and closed above 21 today in many days.

SAVE

Unfortunately SAVE did not get saved. Its options are really very narrow. It is now about 8 dollars having been cut in half today.

With these sort of things, the dust can take some time to settle. This is just not great news for SAVE and it could drift down lower into some levels below 7 as long as 8-9 holds on the upside.

Levels for tomorrow

On the General market side, these levels around 4800 remain sticky.

One reason is the action in chip stocks.

As I said before, for me to be bearish on the main index, I need to see some type of weakness in AMD, NVDA etc.

Here instead we are seeing 8 % days in these. TESLA also had an excellent day today, rising from the lows.

With this said, my key level tomorrow will be 4815-4820 on Emini.

Scenario 1: A test of 4815-4820 could see some supply for a test of 4790.

Scenario 2: For a trend day, I will like to see some intraday closes either below 4792 or above 4820.

At time of this post, emini last traded 4800.

CCJ

CCJ is an order flow stock I first shared around 20 bucks.

It is about 50 now. While I am long term bull on CCJ, keep in mind that higher Uranium prices will bring more supply to the market place. I see a lot of new bulls chase it here at 50 but I think it may want to first fill some gaps near 42-45.

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~ tic

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