Tuesday, December 6, 2016
The first hit is always on the house.
Joined Aug 2, 2009
1,662 Blog Posts

MONDAY MARKET MUSINGS

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I’ve returned from a weekend long journey to find a market that wants to explore higher prices. The chart we last reviewed on the Nasdaq held right where it should and that’s an important reference point moving forward.

I loaded up with some positions last week, as discussed…and am simply waiting for things to play out. It wouldn’t surprise me to slip into a grind here going into year end. Should that be the case, start observing top/bottom performers each day to look for correlations and patterns. That’s where themes will start to emerge for the monthly rotations we’ll be playing. Most of which we’ll highlight on next weeks Boot Camp.

Last week in After Hours with Option Addict, we did a retail top down…and I am really starting to like some of the charts that we focused on. I’m going to take a swing at 1-2 names this week. Got any names in that space you feel strongly about?

Also, After Hours with Option Addict members…I hate to do this, but we need to meet a little later than usual today. I need to push back one hour from 4:30 to 5:30 ET. We’re going to cover this weeks watchlist.

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MOVE TO THE MIDDLE

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Here’s another look at the NASDAQ set-up I’ve been posting.

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Right now prices have moved to the middle, and have slowed their decline. Should the middle give way, see you back at the lows.

After Hours with Option Addict participants, I need to start today’s meeting an hour later than usual. See you at 5:30 PM ET. Sorry for the inconvenience.

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LET’S WATCH AND SEE WHAT HAPPENS HERE

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Yesterday I bought into $CMG, $TWLO, $CMCM calls and $DRYS stock. I also booked nearly 600% in both $FCX and $WYNN calls each.

Today, I bought some $AMZN calls and the NQ (4822).

In After Hours with Option Addict last night, we talked about how a lot of tech names are showing bottoming patterns over the last 20-30 days….while the indices are elevated. Today’s drop came on very benign breadth. No extremes today, or this week for that matter.

This still seems to be a stock versus market story. I’m still placing my bets til mid-December.

BOOT CAMP Cometh as well. Don’t forget. Get a fucking seat already. Epic analysis and ideas for less than what you pay to get drunk in a month.

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CHECK OUT THIS BIG BROAD

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The Nasdaq is setting up in a fairly big broadening formation here. It also is taking on the relative strength today. Tech was mostly ignored post election, but now has started to take on a positive divergence against recent top performing groups/sectors.

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The good news is, these patterns have all led to upside breakouts in the last three years. Considering this year that everyone raised cash and are now forced to buy back in…seems up is still the most painful way to go.

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The best part of this, is that the breakout leads to slow grind. Those are the conditions I outperform in.

Timing couldn’t be better for a Boot Camp. Just saying.

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BEST CYBER MONDAY DEALS

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Best deal on the web right now is a ticket to iBC Q4 Boot Camp. We start Monday so don’t delay on getting yourself a seat for this years grand finale. Content is locked and loaded. You won’t be disappointed.

As a consumer, I am considering upgrading some computer equipment. I found this: Acer 35″ Curved HD Monitor for $499. I couldn’t find that less than $899 anywhere else.

You guys have any other deals out there in this category? I’m looking to upgrade some things, might as well start while it’s cheap.

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