iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
19,456 Blog Posts

Stocks Cannot Go Lower Now — Nothing Can Stop Us

The other day I stated we’d easily push to new highs, which of course was mocked and derided by the very worst person in the world — a horrible and vicious man, slavic and slovenly — a man who needs no introduction — insidiously venomous and unseasonable in every way imaginable.

Now with today’s feverish jump higher — everyone is all on board for more gains — the ascension to new highs is all but a foregone conclusion.

Exodus flagged overbought for QQQ today, a signal that has resulted in sharply higher prices for our 6 mo algorithm. Six up, zero down — as good as it gets. Will human behavior remain in line with recent history? I do believe so.

Playing devil’s advocate here, the QQQs could, potentially, be setting up for a head and shoulders top. These rabid analyses are always unpopular when markets are in bull mode. It’s only after the fact do we hear of these technical events. Look at it now and see it.

Same thing is setting up for gold. I’m a fan of gold — heavily long the commodity, but the technicals patterns of a sinister nature are lining up here.

On the bull side, big ass white candle today. View all recent big ass white candles and see it has brought nothing but gains. Prepare for higher prices.

Ignore the biotech grenades. Ignore the small cap gambles. This is melt up mode — the movement of big money is underway. You want to ensure that your portfolios participate with the market. The only way to do that is by buying stocks tightly correlated to the Nasdaq.

 

Top picks: RPD, AYX, COUP, ROKU, ACIA, MTCH.

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6 comments

  1. fxtradepro

    I’m watching Oil and Small Caps as a leading indicator – which I do believe a top is about to begin to form in Oil over the next weeks time. However, all speculation and no sign of one yet. The Russell is still technically bearish trend and would have to break back out above 1600 for me to believe the rally has more significant upside. -Largely been camped out in Utes and Energy space all quarter via XLU and XLE. Staying with both until end of Q1.

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  2. edge

    NUGT gave me whiplash today but ended well. Not skeert. SOXL and SPY calls were a hoot.
    I was eyeballing SPY Dec. 2021 puts this evening…Vix sub-12 would be a good place to start collecting. But beware pork barrel spending. Incumbents all agree that re-election is the highest aspiration.
    I expect that attempts will be made to keep the economy going until elections, but it’s harder to predict markets.

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  3. the raconteur

    Fly – you see the news about the massive expansion in speed cameras in NYC? $VRRM is the sole provider of those and stock hasn’t moved at all since the news. I don’t think anyone realizes how big a deal it is. I liked the stock before the news came out and now like it even better. I’m topped out what I can own from a liquidity perspective or I’d be buying more. Topline guidance was for +10-12% growth before the news, way too low now. Take a look. Stock is $10 and my prior due diligence was getting me to $15 before NYC

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  4. MSGT HARTMAN

    Buying on news, brilliant.

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  5. matt_bear

    stocks are going lower now.

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