Comments on: Asset Allocation & Trade Updates 5-6-24

By: rsotc

rsotc — Tue, 07 May 2024 14:11:52 +0000

In reply to EMFO. I just posted an update this morning (Tue) with the QQQ & /NQ 60m charts. Still divergence on the /NQ 60m but not QQQ although the Q's still has negative divergence on all time frames from the daily out (daily, weekly, & monthly charts). The Q's are currently testing the downtrend line off the highs so much above that & the odds that the previous high will be tested or taken out goes up considerably with each tick higher.

By: EMFO

EMFO — Mon, 06 May 2024 21:45:12 +0000

@rsotc Hi Randy, markets are overbought in the short term. Were the divergences taken out on the NQ from your point of view ? I am scaling out on shorts. Today’s closing was not encouraging. Tomorrow’s price action will tell me if I need to close my position.

By: Imadaytr8r

Imadaytr8r — Mon, 06 May 2024 21:25:12 +0000

In reply to becky. Randy’s charts are really accurate! He admittedly is a glass half empty type guy and always favors the downside scenarios. When things get close to his major inflection points (QQQ 433) I go with a Batman strategy with 2 or 3 DTE OTM Butterfly options and always come away with a nice profit! Sometime I pay for the subscription in one trade! Opps, did I type that? Hope Randy doesn’t read this :-) …

By: becky

becky — Mon, 06 May 2024 20:50:44 +0000

In reply to KevinK. It’s been like this for years. the man will talk how the sky is falling but the market will keep going higher with little dips along the way. Missed opportunity and sacrificed subscribers. Days like this you will see a lot of people with pitchforks in the comments section.

By: @GEOTRDR

@GEOTRDR — Mon, 06 May 2024 20:16:03 +0000

Took scalp QQQ short with puts ….kinda risky:0

By: KevinK

KevinK — Mon, 06 May 2024 20:00:23 +0000

QQQ 440 and counting

By: KevinK

KevinK — Mon, 06 May 2024 19:48:02 +0000

In reply to Imadaytr8r.

Nvidia…..New ATH… That, I agree with.
Capitulate ? LOL. That’s a good one.

By: KevinK

KevinK — Mon, 06 May 2024 19:43:48 +0000

Looks like the market doesn’t care in the least about the puny and trivial moves up and down in inflation and interest rates.
Bottom line…companies are making money (especially the magnificent whatever) and the consumer is spending (and ALWAYS will, even the ones that don’t have it).
Without some unprecedented outside event, this market is not going down.
Anytime it goes down a little, the dip buyers salivate. JMO

By: rsotc

rsotc — Mon, 06 May 2024 19:32:35 +0000

In reply to Mikeflegel. Still a couple of weeks left so I'll share my thoughts in the final days leading up to NVDA earnings but it appears that the stock market has been in distribution mode for months now. I'll cover that in the next video.

By: Imadaytr8r

Imadaytr8r — Mon, 06 May 2024 19:10:20 +0000

In reply to Mikeflegel. Seems all the companies that are developing AI that have reported have all drastically increased their forward Cap X and all purchase orders for AI chips have Invidia’s name on them! I’d say most likely if earnings disappoint for some reason forward guidance will most likely carry the stock to a new ATH before capitulating to any negative divergences. IMHO