Trade Plan for 10/30
The QQQ and Bitcoin Long Pays the Bills
We are adding Options Depth to the Discord server and testing it tonight. It should be live with the daily heatmaps in the next day or so.
The weekly posts for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead
The re-launch of the course content is official and is now available to anyone. Course Announcement
Bitcoin: The Bitcoin long from 59-61k continues to work as we now trade near all-time highs. We took some additional crypto exposure with BTBT 0.00%↑ on Friday at $4 and it saw a nice rally to $4.6 today at one point.
We have been long GOOGL 0.00%↑ since the free video post in September seen here: Is GOOGL Going to Zero?!?! GOOGL reported earnings today after the bell and is trading near $180 from our $154 entry
We have been long QQQ 0.00%↑ and TQQQ 0.00%↑ since last week. Today we wanted to see how 20443-20449 acted before reconsidering our bullish bias:
The overnight low was 20451 and today’s cash hours low was 20432.25 and was a massive excess low. The strength of this spot was sufficient to drive price to and through last week’s high today ahead of earnings.
We still have not made a new all-time high and QQQ 0.00%↑ has struggled with breaking 500 since July. It sits right at range high and we have a ton more data and earnings this week. Remaining in range would make sense, so I won’t necessarily be bearish if we see an inside day tomorrow. I do expect to see a new all-time high and much higher as of now.
SPY 0.00%↑ has definitely been a bit of a laggard. I expected this, and it is why we are long the Qs instead. However, today’s failure from sellers at a critical location may have been just the liquidation and trap needed to take this back to last week’s high. We knew to expect weakness below 5857-5862 but that sellers would need to defend 5857-5862 following the fill of Friday’s open 4pm and 5pm gap. Narrator: “Sellers did not defend.” Once 5857-5862 was reclaimed price chopped and grinded higher the rest of the day.
We took some TMF 0.00%↑ today as a way to express a bullish near term outlook in TLT 0.00%↑ and longer dated bonds in general. ZB (30 year price) hit a major spot for me in terms of what I call “Demand at Price.” How long we stay in this trade will depend on the data and price action, but this is a “Doggy Style” technical setup and not an expression of a macro opinion.
