Daily Plan 3.8.24

At risk of sounding like a broken clock, I am again gonna talk about the delta between AAPL and NVDA market cap.

At time of this post, there is only a 200-300 billion dollar delta between the two.

AAPL is a more true kaleidoscope of overall health of the market than NVDA. AAPL truly has an ecosystem of consumer gadgets, services, potential for AR/VR, their SOC chips, as well as payments potential. In my view NVDA is in same boat as the FOMO hypes of yesteryears- EV, Crypto, Meme, Dot net stocks. Yes, the bulls will ride it as long as the trend lasts but remember trend is only your friend until it bends.

For this market to continue to rally, I think AAPL will have to step up. The technicals looks nasty at the moment, but next couple of weeks could be key.

As far as the session goes today, before the open I sent a note in my chat room below at 5130 why I was bullish on session.

As soon as I sent my chat note, the market started rallying and did not stop till 5170.

Chat is included for no cost for all subscribers. I send chat updates when I like something exceptional, often only in context of few hours to a day or so.

USFD

About a few months ago, I shared a bullish idea for USFD at 40 which is now trading up at 54. This, along with names such as CRWD, underscore the long term nature of my calls. The stock is up 25-30% and is up in a healthy way, consolidating slowly.

For that matter look at Grinder stock. GRND 0.00%↑

It is up about 20% after hours but took around 3 months to get here. This is why the most value out of this is long term subscription. Convert your sub to annual and lock in low rates forever.

MNMD

Small cap gap play. I like the gap up. If this holds 7.5/8, I think it is headed higher into 12+. It is now 9 bucks.

Levels

5196 will be main level for the session. Level is from June ‘24. We are now trading around 5225. For SPX level, subtract about 70 which is now 5157.

Scenario 1: Expecting dip to be supported on 5195 for test of 5220-5230. An open and IB close above 5220 could target 5250, supported by NVDA above 928.

Scenario 2: Bearish if intraday closes below 5195, for a test of 5170. I use 15 minute closes for intraday auctions.

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