June 10th premarket prep

Cypto Markets

The bottoming tail we pointed out yesterday at those prior lows seems to have caused a bounce bigger than we would like to still have a bear case. So far we are only retesting the breakout point but any higher could signify that we are holding suppo… — The bottoming tail we pointed out yesterday at those prior lows seems to have caused a bounce bigger than we would like to still have a bear case. So far we are only retesting the breakout point but any higher could signify that we are holding support here and might move higher.
I will not be bullish until we are back over the 200 MA.

Noting that some of the alts like ETH never broke down out of that trendline. So they are still showing strength.

Equty markets

More evidence of sideways chop with the growth v vaule chart.

Financials are stuck inside of this wedge for a while now. Always note that before massive numbers like CPI is common to have stocks not moving like this. No one wants to take big bets right before.

Watching XLB’s possible rounded top. This would be the exact opposite of what we should see if we are going to have rampt inflation coming tomorrow.

Stocks to watch

NI is a very related stock and perfect for newer traders. Natural gas player so some good fundamentals. I would watch for this one over $25.75

Good ol Canadian YVR has settled down in support of 2$ from before its spike. If we can break and hold over prior highs at $2.5 it could be evidence that the support will hold.

These slanted head and shoulder patterns are hard to spot but if you can nail them they can mark great turning points. One thing to watch out with IQ is its China based which worries me due to common fraud in their compaines. — These slanted head and shoulder patterns are hard to spot but if you can nail them they can mark great turning points. One thing to watch out with IQ is its China based which worries me due to common fraud in their companies.

22% short on KPTI and another slanted H&S as talked about above

TLIS is my favourte from today. The VWAP (average market player) since launch is 50% over price. I am watching this for a hold over $11 I am wrong back under 10$ and with the AVWAP target of $15 its a great risk/reward play. And with a 22% short float things could get wild.

Watchlists

TLIS, KPTI, IQ, YVR, NI

my Thoughts

As I write this GME is tanking on earnings but AMC and others are holding. So the GME earnings might not be the end of the meme stocks at all.

CPI is going to be everything tomorrow and the reason why we have not moved in the markets today IMO. So I am not doign anything until then. As always check back in the morning and I will update my thoughts with the number out.

PREMARKET update

We never care WHAT the number is but only care about the reaction to it. Market dosent care about CPI at all so we trade as if it never happened and leave it like that