I don’t feel amazing this morning, but I’m trying to put all of that aside so I can get to work and make some money this morning. Deep breaths. I’m definitely smart and capable, and I know that I know what I’m looking at and talking about, so there’s no reason to be nervous. Will I lose any trades I take, maybe? Does that make me a bad trader? Absolutely not, it’s a part of the game, I need to just pay the best attention that I can, make the best decision that I can with the information I have and just keep swimming!
Equities, after looking fairly strong since mid October have been pushing down for the last few days. For a while it looked to be within this up-move, but today, price has taken out a fairly strong support area. It’s sitting near another support area from back in September, but that one seems weaker. I’m looking to just day-trade today — maybe I’ll take a swing trade this afternoon (actually, probably not, it’s Thursday, and I don’t want to hold through the weekend, maybe I’ll revisit that idea on Monday) — so I’m going to look for some shorts.
Let’s see what’s out there. I’ll come back here and talk through each individual stock when I narrow it down to a few.
RIVN – Short – There’s a decent amount of chop here, but price has been pushing down overall since, the end of last year (it’s IPO) and largely again since mid September due to a small bull run from May to August. Today, price gapped down, through a couple of support levels, but has largely rallied from there, if this starts to push down again, I might like it short, but it’s already not my favorite just looking at the daily chart, so I’ll revisit if I don’t see anything else I like more
CTRA – Short – This is holding on to it’s strength and didn’t quite get to the lows of the week at the open today, so I’ll hold off
FIS – Short – This has been pushing down since July of last year (2021), with some intermittent rallies. Since the beginning of November, there was another one of those rallies, but price got up to a resistance area and has stalled there a couple of times. Today, price started by pushing up to near that resistance area again, but has been pushing down since. It’s on some support, but has a pretty clear next support level that could act as a good target. Will look for entries on lower-time-frame-charts after looking through the other stocks on my list
USER – Short – I don’t know anything about this, and its somewhat weird. Overall, this has been down, but there are some areas of a lot of chop, some areas of fast movement and some areas of no movement. Back in October, this gapped up about $3, taking out a strong resistance area — maybe several — but since then has been in a tight 30¢ range. If this is, in fact, that weak, there’s $3 of room to the downside that could be captured if it fills the gap. That’s the only reason this is on my chart, so I’ll come back to it. It looks promising, but also, since it’s been moving sideways for 2 months, who knows when any move may happen. This might be a scenario where I just put an entry order, using the daily chart and just let ride — swing/mid-term trade
SLB – Short – This has actually been pushing up since early 2020, with some pullbacks within that time. It reached a new high back in mid-November, but has been pulling back again since then. Today, price gapped down and broke some support, but it’s at another (weak) support level from back in June. This has been up so much, I don’t think I’m super comfortable taking this short. I wanted to look at it because it’s on a short-term down trend, but it’s had a few of those and could rally at any time. Maybe I should be looking at this long. I’ll move it and hopefully remember it for later — swing trading next week or something
LCID – Short – This has been getting beat down for over a year now, and is at all time lows right now. It’s down on the day, too. I have no idea how low this could go, and I wouldn’t be surprised if it shows as HTB, but we’ll see if I can make a short trade out of this chart somewhere
AQN – Short – This has been pushing down since early 2021 and pushing hard since August of this year. Today, price reached levels it hadn’t reached since 2015. It looks incredibly weak, the only thing that might give me pause is if it’s already made the bulk of it’s move today. I’ll see if there are tradable patterns on the lower time frame charts
KMI – Short – There’s a lot of chop here, but over the last couple of weeks, price has been pushing down. It bounced a couple of days ago and is pushing down again over yesterday and today. Again, there’s a lot of chop, so there’s a bit of a support level where price is hovering now, but there’s a clear target support area, too. If I don’t like anything else, I’ll see if I can get 2R to that next support level, but it might not be possible, and I like a couple of other things better.