Markets ended mixed today as the earnings started rolling out as well as more news on inflation. Two alerts triggered today and we need to go over those!
Yesterday, the CPI (Consumer Price Index - how we track inflation) came out as 5.4% up from last year. Today, Federal Reserve Chairman Jerome Powell on Wednesday downplayed the recent string of high readings of inflation, telling Congress that price pressures will still likely abate.
It is not a surprise that Powell is more or less reiterating his stance that inflation is transitory, meaning its high now but will go back to normal through the end of the year. I agree with him on this as I've written about before. Most likely, this summer is business as usual - time will tell.
Alerts that Fired Today
$TASK alert fired and I started dollar cost averaging sub $30. RSI is still showing oversold and I believe in the fundamentals of the company and their vision. Just common shares for me and I'll be holding this one for a mid term swing toward $40.
The other alert that fired today was on $RIG. Although the stock blew through its support, where my alert was, it looks as if RIG is moving lower towards another lower support. I've adjusted and made a new alert as you can see in the graph below.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its drilling rigs, related equipment, and work crews to drill oil and gas wells.
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Current Weekly Positions
$NAIL -6.825% (Ongoing Swing Trade) DCA'd
$DIDI +$550 (Sold Put) +95%
$BIDU -17.6% (Calls)
$COIN -6.7% (Shares)
$TASK +0% (Shares)
$RIG +0% (Calls)
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It is a harder week than last week as all indices are sitting right around ATH, however let's keep setting up some positions to run over the next month or so.
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