Situational Awareness:
Market Condition: Weak/Choppy
Commentary:
Yesterday’s pick was ELMT. I think it had all the criteria to work but it didn’t have much follow through on the day. Instead Cybersecurity was the leading In Play sector. Something that I should have been more recognizing of after the Weekend AI Narrative. Notably CRWD which I did look at in the morning but moved on from. I still like ELMT for Delayed Move.
Aside from that I’m cautious here. The market is flip flopping and T2108 is steadily weakening. We have FED Meeting tomorrow where a rate hike is widely expected. I don’t think for my style that this is a place where I want to be making big bets. The Weekly Indexes still look fine and orderly for the medium term but I think a short term flush out and T2018 Oversold moment could really clear the decks for end of year rally.
I don’t see anything today that interests me. I am monitoring BWET for a parabolic short but I think a lot of eyes are currently on it and it is thin so it will be prone to squeezing early shorts.
Trade Updates:
Current Positions: DELL, OKTA, HTFL, NIQ, TEAM, ELMT
Stocks in Play Watchlist:
Stocks in Play Watchlist (TradingView Link)
Safe Trading!
Sean Sharpe