You can add this to the mountain of puts I sold too soon. Wingstop (WING), about which I’ve written many times here, is engaged in another huge leg down.
Clipped Wings
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Call the COP
I’ve also bought puts today on Conocophillips (COP) based on this beautiful topping pattern.
Super Right Triangle
I have purchased August $67 puts on Super Micro Computer Inc. (SMCI, whose name sounds straight out of 1982). It has rallied about 200% over the past three months, largely out of joy that it isn’t going to get delisted (which was a real concern then). My view is that the gap at 65.86, as well as the descending triangle, make a formidable right triangle top, and that this obscene rise in price is close to an end. I might be a day or two early with this one, but that gap level is the key.
Deal is Sealed
Twenty-four hours ago, I did a post called Sealing the Deal in which I pointed out the importance to the market as a whole for the NVDA gap to be sealed. Well, it did so (and, just to be a smart-ass, the market decided to get cute and very briefly pushed past the gap, even though this was utterly unnecessary and uncalled for).
Inflation Revving Up Soon
