Daily Plan 2.14.24
Happy Valentines day folks-
So, a mixed session from my perspective. By now you all know about the CPI news so I will not rehash that.
On the emini side, we traded down into the weekly level at 4930 and then saw a sharp rally to close at 4970. Outside of this, the low of the day for most of the day before it broke and the high of the day were both shared in my chat room below.
The part about rally from 4930 was well understood by me. However, the part where we broke 4960 and closed at 4970 was the confusing bit.
Due to this reason, I will give the bears the benefit of the doubt for session tomorrow.
My key level tomorrow will remain 4970-4976.
Scenario 1: As long as we remain below 4976, I expect a retest of the weekly support level at 4930.
Scenario 2: For further gains into 5004, I will want to see an intraday close above 4976 in cash session in the AM.
I do want to take an opportunity and talk about the long term nature of my calls. Prime example is LYFT. Well one of the most recent prime examples.
I shared this stock with a bullish level at 7 last year in June.
It really did not go for almost a year before exploding higher today to trade near 20. This underscores the message that to get most value out of this blog, keep a longer time frame view in mind.
These type of moves are hard to capture with short term options as it takes time for the market to realize the value of proposition. This is but one example but I can go on.
To make it easier for folks to join the blog, I am offering a special offer valid only this week. Prices can only go up from here, so join us and get daily email about names like Lyft, GCT (20 to 32) and SMCI.
~ toc
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