It’s now 9:38. I had the idea of starting earlier this morning — well, even earlier, akin to Tuesday, but I didn’t realize everything was available to get my day started, but that’s neither here nor there — but I got discouraged and got on Reddit.
FUTU was something I looked at buying Puts in, but didn’t for some reason (I didn’t even run the numbers, I must have forgotten about it or maybe it was because I was rushing a little bit so I could help Haley), and looking this morning, it gapped down pretty significantly and is pushing down more this morning. Could’ve been a great trade. I guess, the bright side is that I did see it. I marked it as one I wanted to put my focus in, but I just never actually delved into it. More “proof” that I do know what I’m looking at/talking about/thinking/analyzing, but none of that makes me a successful trader, though. Profits do, and I can’t make profits if I’m missing opportunities. But that’s why I type these things out and do my reviews on Friday’s so hopefully going forward, I miss fewer and fewer opportunities.
The S&P this morning is pushing down again. Yesterday, it rallied all day and didn’t fill the gap, so we’ll see if it does today. The VIX is down a bit on the day, too, but overall looks like it’s increasing. Again, though, I’m not sure that the VIX follows patterns like actual securities.
Looking at ET, which I’m still holding, it’s hovering right around break even this morning. There was a small gap up, which it filled, and now it’s just sitting near yesterday’s close. It’s maintaining the hold around the 20MA, so I’ll continue to hold, though I’m sure my position is down right now. I’m thinking $10 is the price I’ll actually get out of this if it reaches that, but I’ll give it the rest of the day
Marathon Oil, MRO, came back up on my watchlist today. Price pulled back last week, got to a support level that was prior resistance, and is pushing back up this week. Looking at the 4h chart, price gapped up here, filled the gap, and has pushed back up to the day’s open, which is also a resistance level from the retest. If this can break through some of these highs, that I’ll figure out on the hourly chart, I like this to the up side. I think I’m going to run the numbers and try to get back into MRO.
The only thing giving me a bit of pause there, though, is Chevron (CVX) is also pushing up and looks like it retested and is ready to break out as well. But, actually, now that I’m looking at them, CVX is in way overbought territory both in terms of the Bollinger Band and the RSI, which feels to me like too many signals suggesting a slowdown. By contrast, MRO is below the upper band, and the RSI isn’t in overbought areas yet, but still above 50. We’ll see what this looks like