Morning Scoop
Good morning from Ohio! Yesterday, I missed the afternoon scoop due to a long day. We saw a range-bound day, but some stocks made a nice move up. Let’s see what today holds
Markets
• the range continues which is not surprising, on the chart where you can see we’re consolidating tightly near the apex of this triangle.
• a breakout or breakdown of these ranges could determine our next move. I don’t want to speculate on which direction yet. Let’s see what the market participants decide.
• don’t get excited either way, if we breakdown fine. Prices go lower and could create some more buying opportunities down the road. I’d personally prefer to see some buying action, we’re a little oversold and would love a bounce. But I don’t decide which way we go.
• Stay flexible and don’t fall with anything too much right now, you might regret it in the morning…
Trade Ideas
Yesterday we had one idea that I didn’t recap in the afternoon so we will do that now.
• DKNG I called out as a potential. I did like it but it did not close above $19 really it struggled with the area all day and closes below it. Not a trade I would be ready for with that movement yet.
• Our friend META broke out yesterday, let’s see if it holds on and keeps pushing higher or if this was just a fake out.
Wrap-up
We have to break this range to see some movement! If you haven’t noticed this has been a theme. I’ve mentioned this before and it’s due to how much price action history we have to our left. It’s left us in a state of excitement and worry. This causes volatile moves up and down with no real direction. It’s a recipe for disaster to the average trader. Don’t get chopped up, there’s going to be plenty of opportunities soon. Happy trading!