Weekly Plan 5/8 '22
PTON, PLTR, TSLA
This will be a fairly short and to the point weekly newsletter. I think this week I will be bearish on any rips and expect more downside here into 4000.
Have a great week trading.
JK! Not so fast :)
In this newsletter, I will be a) sharing my opinion on long term and short term and where we may be headed. I will share why I remain a bear in general market , b) I will also provide some arguments that may invalidate this belief and c) I will share my thoughts on earnings of PTON, PLTR, OXY plus a note on TSLA action for next week. Few more thoughts on why oil may be extended here at 111/112 and Bitcoin .
To quickly recap my plan from last week, my main thesis was that we will rally BEFORE the FOMC in S&P500 and we will sell off AFTER the FOMC. This turned out to be quite right as we rallied sharply from the prior close all the way up to my 4300 and then basically shed 250 points in last 2 days of the week.
Here is the plan if you have not already read it: Tic TOC WEEKLY 5/1
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Before reading further, know that everything in this newsletter is my opinion and personal thoughts. This is not financial advice. I keep this as a journal for my self and I am happy to share my personal and opinionated journal with folks :)
This past week was event risk heavy. A lot of folks got caught up bullish after that FED meeting which I warned about in my weekly plan. There were tremendous people in SPY 430 and AAPL calls at exact highs of the week. You could sort of blame the FOMC for most part for this.