Daily Plan 8/19 '22
Folks-
Yet another tremendous day for the OrderFlow today as the market remained well within the confines of my levels, nothing too directional and overall a balanced session with the ends capped by my levels on both sides.
To start with we opened near 4280 and made a beeline to my levels at 4263-4270. This open was neither below 4263, nor 4325. So I expected this 4263-4270 area to offer atleast some fight to the bears if visited.
And fight it was as the market spent first half an hour at my levels before sharply rallying back into 4284.
For most of the remaining session we balanced between a narrow 2 dollar range on the SPY, with the rally attempts capped near my 4300. Tremendous balanced session, considering day’s range was barely 30 points.
While the orderflow had it good, the day was not so good for some other traders, like the meme traders of BBBY.
Folks, my long time readers know the importance of this 30 dollar level on BBBY. Well sir this stock was purchased massively by many folks at this exact resistance level egged on by furus and what not. I warned this was a disaster in making.
The stock after all this billions of dollars of buying had an inauspicious sell off post close yesterday only when it dropped 20% however the real horror started today!
This stock fell 50% today to 10 dollars (after hours) wiping out many small traders. The promotors ran off with 60-100 million dollar profits. This is just beyond inexcusable on part of this shady promoters. I will not touch this junk with a 20 foot pole and I hope neither of the folks here. Now the stock to just break even has to make 300%. A very tall order indeed. See below.
OrderFlow worked to warn folks against these manipulations and shenanigans and I hope we succeeded. These are not investments but pure gamble. These are not even trades, just pure pump and dumps.
Subscribe below today if you want to receive up to 5 such warnings and levels in your inbox every week. This is one of the most prescient and actionable newsletter out there.
MASSIVE FLASH SALE VALID ONLY TODAY.
Some of my other ideas also did very well.
For instance the TSLA levels shared by me last night also did very very well today even having the small range day as we did.
On the SOX side, NVDA has 187 as exact high of the session today.
Oil was amazing today again having a sharp bounce off $87 weekly level. It bounced at one point almost 450 pips. My ideas like XOM , LNG and OXY both did very well. I mean I will question the fact that both XLE and XLK can continue to do well at the same time. Ultimately, I see one of them have to give up to the other one. I do not see them both run at the same time.
See weekly plan here if you have not already.
Tomorrow is Friday and there wont be any plan. I will be back on Sunday with next installment of the Weekly Plan. Due to an issue with the good folks at Twitter, I may not be able to send tweets for next week or two. This Substack will continue to be published with my market updates for next few days as I work out this issue with them.
I have also shared a key update in this plan today as far as my longer term bias is concerned. Folks also love the FREE Twitter and Telegram intraday updates so make sure you are on both of them and have turned on the notification bell to receive my alerts the moment they are sent. Soon I hope to offer a dedicated chart room exclusive only for Substack subscribers.