A couple of items to share regarding today:
- I have to step away from my desk for an appointment today & will reply to any questions or chart requests after I return & get caught up on the charts.
- In the original post for the JO coffee ETN trade I had neglected to add the suggested beta-adjusted position size for the trade, which is 1.0 and has since been added to that post.
- Regarding the INTC & AAPL trade idea, another option would be a long on QQQ or any of the $NDX tracking ETF as well as FNGU (3x long FANG ETF), although one should make sure to adjust their position size according when trading leveraged ETFs.
- Regarding targets on QQQ or /NQ, I’m looking for a move up to at least the 60-minute downtrend line and 7458ish resistance level on /NQ and around the 182-182.75 area on QQQ.
- Although I am near-term bullish, the market is far from out of the woods with key support not far below around yesterday’s lows. As such, don’t get married to any long trades should the market suddenly reverse & take out those lows with conviction.
- As of now, it looks like we could be set up for a nice multi-day to multi-week rally and if anything changes, I’ll communicate my thoughts asap.
-RP