Daily Plan 2/15/23
Traders-
What we had today was an exceptionally choppy day following the release of January CPI. Despite the CPI coming in slightly higher than the consensus, the sell off did not get traction and we rallied hard from the 4100 level again into the master OrderFlow level at 4170 which saw the sellers reemerge to sell down into 4100s, rally again and end the day near 4150.
Graph A below.
We can see from the graph above that the recent volatility in the emini S&P500 had collapsed to levels usually seen in Summer time frame.
I am fairly confident this volatility is about to pick up shortly.
Such lack of volatility can mean lack of trendy days as well - which we have been seeing of late last few weeks. Regular readers know I have been bearish from 4200 , though it seems the market has been going up non stop but that is just not the case from last few days with this level capping the rally attempts. Originally, I became a bull at 3500 last Fall with a target of 4100. Day to day action, today again my level 4170 came in as resistance and in fact was high of the session today.
Chart B. SPY set to enter a 10 day balance area with rallies capped at 4200, a level first shared by this blog as resistance about 2 weeks ago.
We also saw some strong action in TSLA stock, which staged an impressive rally of 20 dollars from my level shared in the weekly post.
We also finally saw NVA trade 225 level which I had expected in the weekly plan.
Recent action in chip stocks, particularly NVDA has been very strong but I cannot chase this here and I will avoid ahead of the ER. Key level for NVDA for me is 140- which was exclusively shared with folks before it rallied about a 100 dollars from there within weeks.
On top of this, upon that Daily close above 115 on ABNB, we saw some good action in ABNB and it almost traded my 122 target today.
A 21 % up day in PLTR after this blog called for a low in Palantir at 6! This is typical action in many of retail favorite stocks from last year. Nearly everyone I knew personally was in PLTR at 24-35 when we were bearish and that same enthusiasm was missing at 6. In fact TSLA 100 dollar is the same call. This stock I think has bottomed as I said back last year at 6 and could probe some recent levels like 14.
UBER stock big rally today. LYFT a good rally. Another 4% day in INTA. CCJ nears 30 bucks shared at 22.
NET stock given by me at 60 on Sunday, today almost traded 70.
All of these are Substack stocks shared in last few days alone, most of them since Thursday - SO YES THE market volatility has died down but it does not mean we are not sharing these other names. Exclusive for the Stack group here. Market volatility no one has any control over - we only control or rather share levels and the volatility and when we get there , if we get there is simply in hands of market gods. Not us. Volatility, or rather lack of it, is going to be a challenge for active traders. It does not matter which subscription or what technical indicator it is, if there is no or low volatility, there will be challenges to find ideas. At-least we are still able to share 5-6 good ideas every week, often 10+ on good weeks.
Good time to subscribe before major price hikes to the newsletter. More on this later. Link below.
