Hey Everyone!
We came into the session with two primary scenarios for tech (NQ - Nasdaq-100) in our pre-market note when it traded 18120 before the bell:
Extremely important line in sand to defend if one is to stay bullish: 18050
Bull Case: Breaking above 18200 had a reasonable probability of extending towards 18230-18250.
PPI Data release (less hot than feared) ushered in a wave of buying afterwards and we can see that we made progress towards the 18230-18250 range and this capped the advance for the morning before another significant leg higher around noon EST.
Breaking above NQ 18200 gave us a brief window to scalp for the next high-probability target towards 230-250 and that was nicely completed before the session even began at 930am.
While there was another setup to go long- this one much larger - around 1030am, I missed that one and was content with having longer-term positions do the carrying because I was already finished for the intraday session.
In other news, one of our longer-term bullish ideas Costco has our Calls landing in the money after they reported solid E-com figures. Similar story with Apple Call is also back ITM after unveiling its plan to overhaul its Mac processors with AI Chips.
I’ll be spending some time evaluating the macro backdrop and seeing which companies still offer reasonable value. Members will be first to be notified - make sure to join us below.
-Larry