The tech and growth stocks that we all love are having good days recently. The Nasdaq finished up 0.42% today and the technology sector ETF (XLK) managed to rise 0.12%. There are still concerns of rising inflation and talk of a new commodities super cycle, however I believe most of the inflation will be transitory yet commodities based on demand will continue marching up.
The commodity super cycle is still a hypothesis but entirely possible. This is why I like the BHP position and longing other resources such as cobalt, lithium and nickel. Especially since we are moving towards reducing carbon output and clean energy, those metals will be high demand with EV companies across the globe straining the supply chain.
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GPS: Literally hit support right where I thought it was going to and is looking like it will bounce. Waiting for tomorrow to see confirmation bounce and once it does, I'll be buying calls around $35/$40
BTC: Formed a bull cross on the LSO (Lanes Stochastic Oscillator). This is the strategy that I was back testing on Trend Spider and got 81% winners over 10 months of data. Once this alert triggered, I longed BTC with 20X leverage and will continue doing so every time this triggers. So far this position isn't looking like a winner, as right when I opened a position at mark price of $33,707, BTC dropped about $100. I'll be following my strategy of closing the position no matter what after 3 candles and will be updating tomorrow.
OKTA: Waiting on breakthrough of trend to get confirmation of a move back towards the 180 day MA. This setup should be a day or two away from triggering if all goes well and I'll be buying monthly $235 calls when it does trigger.
New Alert Set:
XLK: Breakthrough alert on major trend. Once we have confirmation, I believe $145c will work here. Tech has been having a good 2 weeks even with inflation fears lingering. I believe most of these fears are priced in by now and tech/growth should be making a decent run into the summer. Let's wait for the confirmation of a trend breakthrough and if it does pass $140/$141, XLK should make a bigger push toward upper resistance.
Waiting for set ups to trigger on the following before entering options:
"The stock market is a device for transferring money from the impatient to the patient." -- Warren Buffett.
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Those are just a few, but there are more that are close to triggering. Remember that I won't be posting the live trades on Twitter anymore, but on Discord in the VIP section. If anyone has trouble joining, please DM me on Twitter or Discord and I'll manually add you.
I'll be making a You Tube video later today to update my status on the Bitcoin Margin trading experiment bot that I am doing a series on. Make sure you are subscribed.
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