June 9th premarket prep
Cypto Markets
As the textbooks say. Consolidations should resolve in the direction of the current trend and this seems to be the case here with BTC. I am interested in the bottom tail currently forming as crypto has a habit quick and mighty reversals.
For you stock guys you can use this for to trade MARA and RIOT as they are going to track BTC
DOGE of all things is showing strength. Holding over lows that BTC has broken and almost green on the day. When trading highly correlated assets like crypto its important to note these strength and weak areas to be ready to short the weak and buy the strong.
Equty markets
Second time in a row that sellers tried to back the SPY off all time highs and the second time they were rejected. Painting a more bullish picture.
Top chart is value stocks where the bottom is growth. Both are seeing very strong moments today showing that this might be an “everything” rally which are the ones that make us feel smarter then we are.
Only sectors down today are ones that you buy in bear markets. Utilities for example work well in bear markets because people need them and can’t cancel. More of a bullish case being made with this picture.
A crack today for all the memers. When these things have cracked like this with topping tails in the past it was bad for them for a few days. Earnings for GME are TOMORROW NIGHT. So if your playing them watch out. They all move together at this point.
Stocks to watch
Tonights video on the YouTube was about OPK with nearly 20% of the float shorted and some long term support in this area. $4 would be the number to really watch.
Getting very tight on VWL with the last 3 candles being indecision candles this one engulfs them all possibly showing a bullish hand.
Disclosure: I got in BLUE yesterday as it dipped. However, This long base and high short float made me put this on watch for more tomorrow.
EDIT has gotten hammered from 100 down to $35 now putting in a rounded bottom. Even a partial retracement of the down move could be powerful.
Watchlists
OPK, VWL, BLUE, EDIT
my Thoughts
I think the stealth catalysis that people are not looking at much for tomorrow is the GME earnings after the close. If something wild happens bull ish (DFV new CEO lol) or bearish (offering of stock to sell) we could get a big move in all the meme stocks. And they are getting so large they are moving the entire market.
The next morning we get CPI (inflation index) numbers. These are the 2 things that people are talking about in this market. Both meme stocks and inflation and we are getting news on both tomorrow/Thursday. I think we are up for some crazy movement in the markets by week end so watch yourselves out there.
PREMARKET update
Not much change premarket but important to note that a lot of gaps today seem to be biotech in nature
