Weekly Raid #19
Happy Friday Traders! We made it through another week.
Hopefully this week found you green even with all the fun after the US downgrade.
With today being Friday, I will not personally be doing any adding to positions or initiating, but here are some things I would look at if I was.
Look at that, dipped right into that Gap and found some buyers again. We are gapping up premarket, up almost a full handle from the close. This can bode well for the day, so I would be looking at tech stocks today.
First up is TSLA 0.00%↑, that 250 level we discussed earlier last week has been holding up like a champ as of late. That stock is clearly trending down as of late, but it has provided some very tradable bounces. But as always its helpful to watch the overall trend on the daily. Looking at history though, I would not be surprised if this is just building up some energy for a shot higher through 300.
NVDA 0.00%↑ is also a solid choice for a day trade. Also opening slightly higher and bouncing off of its Value Area High for the last month or so. That has potential to run higher assuming buyers can pick up the ball. 470 would be a solid target to the long side.
Finally there is AAPL 0.00%↑ , this has a long way to fall if it wants to. With sales continuing to slow, and innovation being basically dead, since Jobs passed. I can see the cult of Apple slowly start to fade. That’s on a long time frame though. For trading purposes I would look for a bounce around the 180 level, below that 176 could provide some structural support. If that fails 165 would be my next stop. Of course make sure to watch the tape and look for buyers to step in. The second we see people wanting to purchase again it is game one.
Finally on a personal finance note, if you were green this week be sure to take a portion of your profits and buy something that produces steady income with it. Some names include O 0.00%↑, JNJ 0.00%↑, KO 0.00%↑, and MMM 0.00%↑. These are stable, steady dividend growth stocks that over time will produce solid cash flow for your portfolio.
Names like TSLY 0.00%↑ and other YieldMax products are great, but they are not tried and true yet. So if these are your plan, my advice would be to keep it to a small portion of your portfolio.
Have a good Friday and trade safe