Decent so far this morning. My stomach hurts a little, but I’m not hung over; and I didn’t sleep the best so I’m tired. I’ve got the usual Monday morning feelings, too, about the world and the people in it, but I’m trying to just focus on what I can control, and that’s my behavior and attitude. Trying to have a positive attitude.
ET dropped again this morning, and was well under $10 by the time I got to the computer. I exited the trade at $.36 for a loss, but it wasn’t my full position size loss, so that’s good, and I’m still up overall.
Equities are pushing up a bit this morning, but not much. I expect further weakness this week, but I’m confident I’ll still be able to find some great opportunities to make some money.
DraftKings – DKNG – has been pushing down for a long time and today, looks like it has another push downward in it. Starting with the weekly chart and going all the way down, there’s nothing that suggests strength here. The only thing really giving me pause is the fact that I don’t see a pattern until the 15 min. chart. I do like a breakout there, though, if it happens, so I’m going to pull the trigger if the numbers work out. I ran a couple of numbers at a couple of strikes and expirations, and anything where 1R is within the break even level is too expensive. I’ll consider pulling the trigger with a defined stop, to ensure I don’t lose more than my risk percentage, but first I’ll see if anything else I saved looks better
I looked at both Bank of America and Wells Fargo, and while they both look like they’re reversing back to the upside, there’s some pretty strong resistance that they’re heading in to.
ZIM – ZIM Integrated Shipping Services – is the last stock that looked tradable today. On the daily chart, price pushed up out of a resistance area at the beginning of last week, and has been pushing up for the last 4 trading days. It’s up again today, with expanding Bollinger Bands, but it’s not quite in overbought areas according to the RSI. The hourly chart is a bit overbought right now, but I’m also looking and realizing there’s not much of a pattern here. There might be a mini-base on the 15 min. chart, but that of course makes me nervous. But, everything makes me nervous… I’ll keep an eye on the hourly chart here and see if something forms that I can trade, but I think I’ll hold off for now.
I pivoted and looked at the sizzle index within ThinkorSwim and got a couple more trade ideas that I like.
ORAN – Orange telecom – is the first of those, and the only that I’d look to buy a call in. Looking at the daily chart, this was pushing up since mid December, but peaked at the end of February and has been largely pushing down since then. It did hit a low at $11 last Monday and has been rallying since then, but it’s hard to consider this a return to the up-side looking
MYTE, which I don’t know what it is, came up in the sizzle index. It’s in the retail sector and TradingView says it’s MYT Netherlands Parent B.V. On the daily chart, this has been pushing down for a long time, formed a bit of a rally/base over the last 6 trading days and is pushing through the lows now. Looking at the hourly chart, I could argue a cup, but no handle formed yet, and, really, just the “cup” isn’t something I trade. I like this to the downside, I like it on a breakout, but I can’t say it’s really a breakout, so I’ll hold off. If this “handles” then I’ll look to get in
Lastly, there’s KNSA, kiniksa pharmaceuticals. I’m no the hourly chart, and this appears to have also “cupped” but there’s a much more clear base that’s formed at support. Looking at the daily chart, it’s pushing through support, and looks like a good short. I’m going to run numbers here and try to get in a put — Ideally at a $9.33 underlying price, as that’s the lowest level from early December 2019