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Stocks – ZM, SHOP, BABA, VZ, BKNG
Macro – QQQ
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- Mother Of All Options Trades?
- Tech Tries To Bounce
- Techmageddon Upon Us?
- Gold And The Equity Risk Premium
- Critical Support Being Tested As Tech Heads Lower
- A Return To Normal Could Send The S&P 500 To 4,000 Over The Next Year.
- I Still Think We Get A Short-Term Retest
- What Does The Dollar Know?
Stocks rose sharply on November 11, and while to some, may think it’s back to what we have grown used to. It wasn’t. First off, the bond market was closed today, so with half of the “market” was closed, hard to say how the market would have reacted had it been open, especially if yields had continued to climb. Secondly, the NASDAQ 100 had been crushed the past few days, so a reversal was certainly expected.
NASDAQ (QQQ)
Perhaps we could see the Qs rise to around $293, I suppose. Even if it did, nothing would change in terms of the trend or even the narrative in the market. It doesn’t remove the need for the Qs to fill the gap at $273. (Premium content – first 2-weeks – Mother Of All Options Trades?)
Navigating The Market · By Michael Kramer Independent macro and options research, published every trading day. Daily written analysis covering gamma exposure, dealer flows, key levels, and the macro drivers moving markets. Includes full video access. Recent Subscriber Analysis
Zoom (ZM)
Zoom had a nice day, I guess. It was up almost 10%. Which sounds like a lot, but not really, when considering it was more than 40% higher two weeks ago. It kind wasn’t able to push much beyond resistance at $410. Could it go to $475? I guess so. If it does, it will just serve as confirmation that it is heading even lower. So maybe best to get it over with.
Shopify (SHOP)
Shopify was up a lot too, but nothing changed. Just another overvalued stock, with the RSI moving lower and stock going sideways. We’ll see. Lower it goes, I think.
Booking (BKNG)
Booking shares jumped on the vaccine news, stopped rising at resistance $2080. Now it has that giant gap to fill sharply below at $1800.
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Verizon (VZ)
Verizon is back to that point where it gets to roughly $61.30 and craps out. Come on, it has been years already; just break out. Do something!
Alibaba (BABA)
I don’t know what to make of Alibaba. There is a lot of “stuff” going on in Hong Kong and China right now. The government factor has always kept me away from investing in this stock despite how impressive the growth has been. It broke a pretty important uptrend off the March lows. It could be heading to $250, maybe even lower.
Ok, that’s it.
Mike
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