Markets across the world pulled back today and Wells Fargo issuing an eerie and possible foreboding statement that they are shutting down all existing personal lines of credit and won't issue anymore. First of all, I'm not sure who even wants their products in the first place. Secondly, that possibly means that $WF see an economic downturn in the future; maybe something similar to 2008.
"The move comes more than a year after the bank suspended home equity loans, given the economic uncertainty fueled by the COVID-19 pandemic.
The fallout from the pandemic also prompted the bank to stop providing loans to a majority of its independent auto dealer customers last year."
This Sunday we are starting a beginner course on Options and Investing and next month an advance one on Fundamental analysis. Email me if you are interested in taking part.
We had two late triggers today right at market close. I personally like late triggers for two reasons. One is that this is either the 4h or day candle confirmation. In other words, its a more meaningful confirmation candle. Two is that I have some time to ponder more before making a quick decision to buy or not to buy.
The first one that went off was the $MS bounce on support. It bounced almost perfectly on my support from Trend Spider and starting moving up late in the day. I still like this one going in tomorrow. I'm looking at the $95 call a couple of months out in expiration.
The other one that went off was the $SOXL alert bounce on lower support. I will be a little more cautious with this one in the sense that it was sub $38 at the time of bounce, but now its already up almost to $40. I think there is a good chance it will gap up tomorrow or Monday. If you are wanting a short term or swing position, I would wait until the support again. For myself, its just an opportunity to buy more shares to hold long term so I can DCA anytime really.
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Current Weekly Positions
$NAIL -8.3% (Ongoing)
$TRT +4.3% (Ongoing)
$TSLA +12% (Ongoing)
$DIS -1% (Ongoing)
The $NAIL position got hit very hard today; down more than 9%. Tesla was fine and I'm thinking of closing it out soon; will wait for tomorrow to see how it does. Its a bigger more expensive position so I am not shy to take quick profit.
There is still opportunity with the Disney call.
Tomorrow is Friday and I don't plan to add any new alerts as markets are volatile and $Vix is high. However, I will be doing TA on requested tickers throughout the day on Twitter.
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