End of Day Wrap Up 03/15/2021
Happy Monday everyone. Hope you all had a good weekend. Today was a much anticipated Monday for good reason. We opened up very green but as the day went on, it started becoming quite choppy.
Crypto/Blockchain, Travel, and Cannabis stocks rallied today. AMC rallied on news of theaters planning on opening up this week in California. NFTs were the hot topic all over Twitter amongst traders due to Elon Musk adding Technoking to his title, unveiling an NFT-theme song.
AMC Entertainment Holdings Inc (AMC)
AMC rallied 25.81% today, with a high of day of $14.49 after news of reopening some theaters in California this week. AMC closed at $14.04, so tomorrow, there may be a pullback, so if there is, I’ll be looking for dips between $12-$13 and $10-11 if shorts push us down 20%+. We will need to see a drop to $12.63 in order to trigger SSR for the following day.
GameStop Corp. (GME)
GME closed -16.77% at $220.14, however, GME did hit a high of day of $283 before getting heavily shorted by many larger traders and their discords (who hate GameStop), and hedge funds. SSR was triggered today at $238.05, and continued downward to a low of day of $206, closing at $216.50 after hours. Today’s volume was extremely low with only 24.2M. Longterm, I am still bullish, regardless of what anyone else says. There’s a good reason why GME is being suppressed, and it makes me want to hold it more based on the fact that they need to short it constantly to keep the price down. Earnings are next week so I am holding strong. There’s much speculation about March 19th through the 25th, therefore, I anticipate catalysts to push GME higher.
What I’ll be watching Tuesday, 03/16/2021
The overall market may actually get a pullback, which tends to happen on Tuesdays, however, I want to see us green. With the stimulus checks hitting bank accounts, I expect a nice bull run in the coming weeks. Until then, I still think it’s best to trade small just to be safe. I’ll be continuing to monitor bitcoin, and watching all crypto/blockchain/NFTs as they are the hot topic right now. Since energy stocks were down today, we may see some reversals, so I’ll be watching for bottom plays as well. Let’s keep the momentum going, and focus on being consistent by compounding small gains until the market gets hot.
How to Utilize My Positions List Below
Many ask how to utilize my top 5 green/red position lists below. Oftentimes, I will exit my green swing positions if it looks like there will be no continuation. My decision varies depending on what my cost price is. It’s all about managing risks, and if it looks like I’ll be in a position where, I’ll be down, I won’t hold, and will choose to reposition myself by accumulating dips on red days over a period of time until it’s ready for the next run.
To Buy On Green Days or Not
I will add to my green positions on green days only if it’s moving in the direction I like and forming higher lows, and showing a bullish chart. I make sure to scale when adding, especially on green days, because it can go south quickly.
To Buy on Red Days or Not
I will almost always accumulate my red positions because they usually move back up, unless it’s a clear pump and dump, which I will never swing because it’s too risky. If there are sharp spikes and a quick drop down, then it’s a clear pump and dump. If the chart slowly drops in price throughout the day, then that’s usually people taking profits. To make the call on re-entering or accumulating, I look at the 5D, 10D, 30D, 90D, 180D charts and I monitor the volume. I love adding when there’s little to no volume when setting up long swings.
Top 5 Green Positions (03/15/21):
Top 5 Red Positions (03/15/21):
I monitor Market Movers every single day to scan for new setups. I mainly look for positions with unusual volume that are at the bottom, ready for a reversal back up, or if they remain green, I look for a bullish chart for a continuation.
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