I called the short-term bottom LIVE to subscribers and made some really great trades; you can read more about that Here and Here. After Inflation started to hit Walmart’s (WMT) bottom line, the market sold off again, heavily. I believe this is another great chance to get long my favorite tech stock right now, so I’m trying to load up again!
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Wednesday was savage, and the selloff was pretty ugly for longs and anyone who didn’t sell into the bounce. Luckily I’d already taken off a lot of positions before then. Here are some of the trades I took off into the bounce:
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Now that a lot of people who didn’t sell are nervous and new buyers are trapped, I think it’s a great time to buy back into my favorite tech stock for a short-term trade. From here, the market can definitely make a W bounce, and this is a great spot for me to get back in.
Here’s how I’m trading it:
QQQ
The “W” pattern is continuing to form here signaling a bottoming pattern out of the bulls are likely.
If this bullish momentum continues, I would expect the major moving averages to start to become the target for the bulls to the upside.
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GOOGL
I’ve sold put spreads on GOOGL a few times this month, and so far, it’s worked as GOOGL has held up in this market selloff. Here are the trades:
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GOOGL is my favorite big tech stock in the market right now, and I plan on continuing this trade until it stops working, and GOOGL breaks down, or GOOGL rockets higher to levels of resistance. This dip is another chance for me to try a put spread; here’s my reasoning:
GOOGL
GOOGL is trading near the lows and forming a triple bottom here against the support level.
As buyers look to get into the stock and reverse the downtrend, there are key moving averages above the current price of the stock that might be holding down the bulls from running higher.
Here’s the trade I’ve got orders in for:
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