Hello Everyone,
Quick Notes: Small shot across the bow today, which should surprise no one given how overbought the market had gotten in the short term. Even with today's pullback the SPX simply closed back to it's 5 day EMA, it's still well above the 9 EMA, which is what we consider the 'mean' in an uptrend. Earning season starts next week; I still lean that any good pullback now will be bought, however the market is overdue for a larger correction, which I could see coming later in earning season or
after. The energy sector looks interesting and thus I added some ideas for trade setups.
Bitcoin and cryptos reversed some gains today but otherwise held up very well and some cryto's like Etherium and Litecoin were up. What got hammered however are the stocks that follow the crypto currencies like RIOT, MARA, MSTR etc. Also today the big anticipated COIN base traded and it was a wild ride! COIN opened at 381 and ran up to a high of 429, then dumped 120 points to a low of 310 before recovering to close at 328. I hope none of you bought COIN on the open. Remember
there are no lockups on the shares, therefore insiders who were in early had no lockup restrictions to sell and take some profits, which is probably why we saw the big reversal in the stock, we'll see what tomorrow brings.
Matt
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4/8: SPX DVT = 3970, 2 day candlestick chart 3940
4/5: SPX DVT = 3875, 2 day candlestick chart 3850