Ranger's falling wedge on $ROKU weekly. This is a nice looking chart. Weekly 20-SMA at $366 then air room up to $450.



Edit with Fibs. It hit Model T perfectly at $272 and bounced. Like it even better now.

jayelbee said:

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FbgTxAg said:

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So - Post CLOV rocket.

How are we feeling about the stock still? I trimmed about 1/4 of my shares at 27.50, but still holding quite a few shares.

Will it be like AMC and GME and make random runs? Or will it settle in at a support level somewhere and become a non-wsb stock again?

My cost basis on my remaining shares is 7ish, so like everyone I'm tickled pink it's at 16+. At the moment do I wish I'd sold it all at 27.5? Sure. But I thought it might get 30 or ore so I took a risk.

Where is this thing going next 1-3 months?

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IMO, you got memed and need to get what you can when you can and be thankful for the easy win. The WSB clan has a short attention span, and you'll be able to buy back in much lower if you really believe in the stock/company. If you look at AMC, BB, TLRY and others that have blown up this year, they have all settled out before the resurgence.

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This definitely got meme'd but it is still a long-term MA according to OA1 based on the company. Personally, I went net free on the run up and then covered all of my remaining shares with calls at a pretty high strike while the premiums are super juiced. If it shoots the moon and I get called out, I'd be more than happy. If it falls back to where it's been. I'm happy continuing to make money off of them through covered calls and will probably start mass accumulating back at those levels again.

tramaro1 said:

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ibdm98 said:

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ibdm98 said:

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Okay all you trading degenerates - hopefully you're reading this still riding the high of seeing that big GREEN number sitting next to your CLOV shares today (and up over 5% AH as I type this).

After coordinating with FJ, we are going to hold the official Blocking & Tackling Zoom Call this Thursday, June 10th at 5pm Central Time. I will be posting the Zoom link at 4ish pm that same afternoon so mark your calendars and check back here for the link around that time.

The purpose of the meeting will be to share basic techniques of trading including identifying support/resistance, trend lines, volume profiles, etc. I know that FJ43 and 30K plan to present what works for them during the meeting but all are welcome to present if you'd like to share what works for you with the group. If you'd like to share something, please PM me so I can add you to the list. I'd like to have a rough agenda of presenters so that we don't have any "dead" time waiting for someone to present something. If you respond to me, I'll add you to the list after FJ and 30K and call on you once they're done if we still have time left.

On that note, we didn't discuss a time length for the meeting but I'm going to go ahead and say we'll limit it to one hour to make sure we all can get home to our families afterwards. We can always schedule another one if this ends up being wildly popular.

NOTE - I have a Zoom Pro plan so I'm capped at 100 participants so that means first come first served once the link is posted. If you try to get in and cannot, it'll be due to the cap having already been met. If you've never used Zoom before (where the hell have you been the past 14 months), make sure you visit their site (zoom.us) and download the Zoom client (upper right Resources > Download Zoom Client) prior to Thursday as that will take a couple minutes to get set up before you can join the meeting.

Looking forward to this - see y'all Thursday.

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A reminder for tomorrow's Zoom call...

FYI: one change - I will post the link closer to the start time of 5pm central as I want to get FJ and 30K on the call first to make sure everything is working so look for the link around 4:45ish tomorrow.

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Any chance this can be recorded and shared with the forum?

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Yes, the meeting will be recorded. Once completed, I will post a link on this thread to a shared drive where you'll be able to download the recording as well as the materials being presented.

FAT SEXY said:

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Cup and handle forming on the UltraShort QQQ (QID).. I'm expecting a nice spike soon.

Day chart



Week Chart

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PSA: No offense, but charting and applying technical trading rules to an ultrashort leveraged index fund is a hella dangerous thing. Be careful as these investment vehicles should only be used for short term hedging and never held for very long if using them. Zoom out on that weekly or a daily chart...

Morning All....

Your morning snapshot.....



Is today the day to determine direction? More up? Some pullback?

SPY 421.43 then 420.68 is my line to watch. Below here and I think we begin some degree of pullback.
Qs watching close if right shoulder was formed or do we push through.

IMO stay with relative strength but be on your toes to not be chasing. Not planning to enter much long today. Next week quad witch so rather just play small and massage what I have.

CPI and jobless claims today to so be watching.



Trade wisely!

FbgTxAg said:

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So - Post CLOV rocket.

How are we feeling about the stock still? I trimmed about 1/4 of my shares at 27.50, but still holding quite a few shares.

Will it be like AMC and GME and make random runs? Or will it settle in at a support level somewhere and become a non-wsb stock again?

My cost basis on my remaining shares is 7ish, so like everyone I'm tickled pink it's at 16+. At the moment do I wish I'd sold it all at 27.5? Sure. But I thought it might get 30 or ore so I took a risk.

Where is this thing going next 1-3 months?

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With it at 16 and your cost at 7..... Go net free and don't worry about it and check back in a year

Thursday Macros

CPI Up... Treasuries Seem To Be Ignoring Bad Numbers... Squeezing Shorts

We expect a big CPI number this morning, but the market does not seem to care... Shorts have been squeezed and we saw another big buyer of 10 year futures overnight,which took the old 10 year down to 1.464, selling came in as London started and the new 10 year is back to 1.50... The Fed paid market participants zero in an auction on Tuesday and they got just under 500 billion of buyers...this has been going on for awhile but we read a BB story on it this am... This is part of the reason why we have seen 3 month libor come in at a record low this morning of under .12%... This has forced buyers out the curve, from the Bank HQLA regulatory requirements to the 100%+ pension funds lock ins... Demand is strong, which is why bad numbers are being ignored... It is like this Fed is the "anti Volcker" Fed or the inversely related Volcker Fed ,where the employment stat dwarfs the inflation data in importance... This will be Powell's downfall... Even if we get a 5% CPI today, it will be ignored, but for how long... 1.47 10 years is still a strong resistance, especially with an economy that is exploding with all types of supply chain problems... But that is where we are at the moment.

Over the last week we have seen treasuries responding to technical ranges (1.47), CTA/momentum models have led to buying and legacy reflation positions have been put on the chopping block... Coupled with the technical buyers mentioned above... Yesterday the trading was systematic de-levering from fast money. One could see it in the open interest changes in futures... We think the brunt of that is over... But if CPI is ignored again and the Bond auction today is strong, our last hold out of 1.47 10 years could be in the history books... Mizuho this morning was talking about 1% 10 years...I am sure Steve Major is out there somewhere talking about deflation.. And Lacy Hunt is probably due as well... These are the perennial bond bulls, who you see where the momentum is in their favor.

Politics...clearly the Biden infrastructure plan has hit major snags... Future treasury issuance is being modeled lower... Unfortunately we are not a believer on how that will affect rates... We were taught that more supply in the rates space, leads to higher yields... But our observation is that more supply begets more demand... So we will go with the technicals talked above... The corporate bond market is having another big week with over 5 billion priced yesterday bringing the weeks total with 2 days left, of over 32 billion, about 50% more than expectations...

The question for today is if the CPI is strong and the market ignores it, how many more bond buyers will be forced into the market. Heck, if global players are willing to bid up Greek Bank Co-co bonds, with 200 institutional players buying a Greek bank bond 10 grades deep into junk, and bringing the coupon from 9.25 to 8.75, then anything can be sold... Not a good sign

MICROVISION TO BE ADDED TO RUSSELL 2000 INDEX$MVIS

— *Walter Bloomberg (@DeItaone) June 10, 2021

BTHOB said:

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Wow 5% rise in CPI

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They say don't get excited, they say keep your calm......

Got long NQ on that dip at 13735
closed 1/5th position at 13780
SOMEHOW TOS CLOSED MY WHOLE POSITION ON A STOP AT 13781
was pissed, but watched pullback immediately
Got long NQ again at 13765
sold 1/5th at 13800
set stop on remainder at 13765 (I moved this to 13762.5 or so on a gut feeling right before they came for it), they're either going to come get it or we see what the day brings.

*heartbeat 95bpm*

Red Red Wine said:

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At what point does the human body stop producing:

adrenaline

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You're a pro trader when you don't get upset about losses. I still get upset from time to time.