418 [Small caps holding weekly uptrend for now. Dec 1, 2021]

  • IWM one thing that’s very encouraging here is IWM held this rising trendline, now it looks like it’s going back into range, that’s a good sign, bc this is the laggard index. There are things setting up, the market is very thin here, but as long as IWM is holding up, does even have to go anywhere can just chop around in this range. SPYs and QQQs holding up. As long as you’re in the right things, you can still make a lot of money even in a narrow market. And look just bc we had some down days on high volume doesn’t necessarily mean we’re gonna go lower, we could go higher over the next few months, these shakeouts on uptrends happen all the time, the whole year on SPY they happened all the time, found support on the 50/100 then kept higher.
  • INVZ, looks like a decent setup, it’s the right sector yeah.
  • AMBA having a follow up ep. I’m not a fan of these. This was the one where it broke out of this 6/7month base, on high volume, that’s the 5* ep. AMBA having some nice follow through.
  • MARA I took a big loss on yday, I sized in too heavy, wasn’t that good of a setup, would be better if it goes sideways a big more. I was a bit too aggressive, should have bought half size.
  • F man it’s so strong, taking out yday highs. If it can tighten up for a few days here would be ideal, feels like it’s gonna go to 30 before year end.
  • ALB, SQM, lithium names waking up, these things are gonna be way higher into year end.
  • FANG, DVN, these oil names look great for later this week/next week. Look at how well they held up during this oil correction. That’s exactly what you want to see, they’re gonna go higher.

Misc:

  • Yeah after being long it for a few days, finally today I’m gonna short it, bc I saw an orange on the ground yesterday.
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