Sample Morning Report

 2/22/24 Morning Report


As I said yesterday, normal correction in markets.  NVDA earnings blew away all expectations and have accounted for this smash higher in futures trade this morning. The ES Futures contract ran from 4960 to 5068 which is a stunning turnaround. Therefore we are seeing 3x ETF's like SOXL, TQQQ etc ripping higher, none of which you can forecast since it appeared most all of this was based on NVDA report we were all waiting on.

Keep in mind as a swing trader, you can't expect to catch all of these big moves or always be on the right side of them.  The key is to be patient, when in doubt stay out and be patient, and stay disciplined at all times.  These are lessons learned experience I have that I share with you as best as I can...  the market will always present opportunities if you are patient.  The next one is always around the corner.... usually disguised as risky and unpopular by the way (Like YINN and ERX recently).

ES Futures chart shows reaction to NVDA earnings (30 minute chart) Should see some market pullback
3x ETF Updates

Looking at LABU still, we missed SOXL pivot from lows but I was not gambling on NVDA outcomes either. Would like to add new position soon.

3x ETF Action Items:   YINN Sell/Stop Adjustment/ ERX Sell Target/TNA sell Target

YINN ripping over 19 now, I said yesterday 20.12 was a target.  Push stop now to 18.50 near close of trading day from 17.  SELL if you see $20

ERX- Sell position at $60 if hit for about 8% return

TNA- Sell 1/2 at 39.20 for 8% return on 20% position if hit, Sell remainder at 41 if hit

Position Updates:   

ERX - $59  10% position avg. Entry 55.75  Sell at $60 if hit

Nice 3.4% pop yesterday and we are now up 5.8%.  Keep in mind this is only a 2x ETF not a 3x, so not as much alpha to the underlying XLE ETF.  Normally we would be up 8.7% here on my call.   Lets sell this at $60 if we see it for near 8% return.

TNA - $36.81 up  pre market 20% position as of 12pm EST 2/21- Sell 1/2 at 39.20

We doubled up and I calculate roughly 36.25 on the double up average, so lets just call our 20% position still around 36.30.  Target is 41 to sell for now.  If we are up 8% at 39.20 sell 1/2 your position per rules

YINN - $19.46 up 5% pre market-  10% remainder position 16.30 avg, Stop 18.50 Near Close, SELL if you see $20

We are up 19.3% on final 1/2.  Yesterday I said 20.12 was my target. 

Pushing stop UP to 18.50 near close from 17, Selling this position if we see $20