Somewhere out there is some Nimrod who paid $485.96 for META stock. It’s been slowly slipping since the insane earnings report.
Beating Your Meta
Slope of Hope Blog Posts
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Graph Chat
Here’s an octet of charts and some words – – by me – – about each of them.
First is the Real Estate fund IYR which has broken its Fib support and looks prone to slipping down to the next Fib beneath.
Here, Kitty Kitty…….
It was only a very modest down day, and yet almost every single thing in the Bear Pen fell. The one freak exception was Caterpillar, which had earnings in the morning.
Likely Retracement Coming Soon
I’m expecting to see a retracement of the move up from the October lows start soon, and there are some targets I wanted to see made on equity indices before that happened. The last two of those were made on Friday.
The first of those was a retest of the all time high on NDX, and we saw a new high there on Friday, with a very nice looking overall rising wedges from both the 2022 low and the October 2023 low. This looks ready to turn soon.
NDX daily BBs chart:
Sunday Update (by NYUGrad)
Disclaimer: Prices can go a lot higher regardless of “Narrative”. Everyone who has a vested interest in higher prices are selling the stories that will try to make it so.
That is why it is counter intuitive to consume too much financial content. Even mine. That is also why my podcasts are so short vs what you see out there in the marketplace. The market already has priced all below news into prices already. That is also why I note that listening to earnings is for entertainment only. The price action is king.
When you can ingest “NARRATIVE” data like earnings and sell side packaged news and still function as a trader and win, you are making huge progress in the psychology of trading. So, before I get into the narrative data, I want to point out charts and “What Stuck out” section first! Because price action and charts are more important than news and narrative. I would say the healthy ratio of attention or head space for a good trader is at minimum 90:10. 90% price action and psychology vs 10% news, earnings and narrative.
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