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There was a time that MongoDB (symbol MDB) seemed to me to be the most promising short setup out there. It was absolutely amazing. Just about the most perfect head and shoulders pattern I had ever seen. I think you know where this story is going…………
The tug-of-war is plain as day: on the one hand, rational, logical, discerning truth-seekers, and on the other, unhinged, empty-headed, permabull nutjobs. We can see this play out by the way of the Dow 30 ETF (symbol DIA) as it has been hurled down, then up, then down again, by thousands of points. I naturally worry that we’re pushing toward the bottom of the range and will, by federal edict, simply thrust higher again, but hope springs eternal in the bearish breast. Let’s see what the fake PCE inflation data can accomplish on Friday morning.
My biggest options winner now is, of all things, IBM, which has a 48% gain. I personally think IBM is a joke of a company, so that makes the success of this position even sweeter.
Below is UiPath (symbol PATH) which lost one-third of its value today and its hovering near lifetime lows. This had been a nice bullish pattern (see triangle) but after it shot higher, it started to erode with no follow-through. Once it slipped below its horizontal, it was a goner.
Nice to see a long (yes, long!) idea thrive, offered earlier this week.
