Daily Plan 2.22.24

I had a bearish bias at 4990 to see us sell down into 4970.

At 4970 I became bullish and shared in the chat room below.

The moment I posted my chat, we started rallying and at time of this post traded up to 5020.

Also, I shared bullish levels on NVDA and SMCI at 660 and 690 respectively. Those two are now trading around 750 and 820 respectively. Massive moves in a session and a half.

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Levels for tomorrow

Unless we can clear 750 on NVDA, I will be offloading it at the open and will reconsider it near 650 if I get it again.

It is about 750 now.

Another thing I do not like is that Dollar is hanging around here, with yields quite high.

Due to these reasons, my key level tomorrow will be 5030. At time of this post we last traded 5020.

Scenario 1: I expect bearish pressure if we remain offered below 5030 to target 4990 area again.

Scenario 2: My edge case for the session tomorrow will be 5030 and 4990. I think NVDA will need to clear 750 for the bullish momentum to continue in the general index.

Another thing to consider is that these 750 or so calls were still 10-11 bucks. For them to expire in money, whoever bought them, at the lows today, this stock will have to rise another 100 dollars or so, by Friday.

Can we do that?

IV will collapse rapidly thereby eroding value of these calls for rest of the week.

Due to such reasons, I favor a pullback and see if there is a logic in the 3/15 calls for this level.

This move is largely driven by Options premiums and may not be very reliable.

Will share with subscribers if I see a set up later next week.

~ toc

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