Daily Plan 9.1.23

Hey guys-

So the main idea today was that we could see range bound action between 4500 and 4550 which was quite the case. In the AM, I sent a chat updated that the bulls wanted to see 4560 clear out for further gains which did not materialize and we sold down to overnight lows near 4510, to close the day near 4515.

On some of my longer term calls, today was a great example where the market takes time to balance before breaking in either direction.

For instance, AMZN.

When AMZN was near 138 a few weeks ago, I had believed if it fell to 135, sub 135, it may be supported. This was a good call but did take quite a bit to materialize as the AMZN stock balanced near 135 for over a week.

Other such name was SPLUNK which was shared only this week in my weekly newsletter and cleared 121 today. Good gains in this new AI name.

SMCI built on its gains and is up about 30 dollars from its intra-week lows to close right now near 275.

If you remember, I was also a LULU bull over the weekend, near 360 for its earnings for a target of 390 which has almost been met after hours as we speak. If you want to get most value out of this blog, I ask that you read it every day without fail and read it for a minimum of 1 year to help be in loop with the concept called “Continuous Auction”.

Back in March, I had shared AVGO around 600 bucks. Today it came within an inch of 1000 dollar price target. I think it is ripe time now to split the stock 20:1 which should promptly push it above the 1000 dollar mark, pre split of course.

Purely insane action in XPO. If I shared any more ideas than these, almost on a daily basis, I may have to triple or quadruple the price. This is on my radar, as I think it is only fair to be comparably priced with services at 199-299 a month, however when this happens, it will not impact any one who is already a subscriber as they will be grandfathered in. This is per Substack pricing policy- you remain at lower prices, unless you resubscribe.

Other names such as ZM got good action this week, up about 10% when it really made no sense for it to go up.

With August out of the way, September is going to be most likely a very volatile month. You do not want to sit it out. If you would like more updates from me like the ones above, please consider sharing, liking and subscribing.

To help make the switch in new quarter and celebrate Labor Day, I have decided to give one of my largest discounts ever.

My levels for tomorrow

So last 6-7 sessions, I notice a lot of folks are very bearish right at the open with not much movement to the downside yet. I have a different take on this and I think we will not see a large bearish raid unless we begin to see this key level give up which I have shared below. I have also shared my TSLA levels for next week to two out.