The morning opened lower due to some overnight Chinese headlines… yada yada yada… the market ripped higher shortly after the open, we’ve seen this all before. The stock market is nothing more than a game of hungry hippos where all your stonks get eaten up on every dip in a similar format.
We all know nothing can bring this market down, but the next few weeks will be pivotal as earnings come closer. The banks, who have been getting slaughtered over the last several weeks, saw a big uptick in bids today. We may continue seeing some upward movement on these stocks as they’ve been abolished at the lows for some time now. The people on Stocktwits were expecting banks to go down another 50% from these levels, that’s when I know it’s time to pick a long position.
I’ve put together a list of stocks that have had a good run, that have strong fundamentals, and that might continue the upward trend. Don’t @ me for having Peloton on this list, they’re product has been on back-order until August and they are only now finally catching up to demand.
I’ll look at some of the option flow from today and yesterday, if I find something interesting I’ll post an update later this weekend. Let’s find some good setups.
If you’ve had a rough week, remember there will always be more opportunities that lay ahead. I heard hot summers and viral pandemics make for a great trading environ.
Have a good weekend to all,