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Here are two unrelated items in this ridiculous market of ours, just to while the time away. The first is Akamai, which may be presenting an enticing shorting opportunity by virtue of its powerful rally in recent weeks coupled with its gap closure.
If I was more on-the-ball, I’d have bought puts on TSLA first thing this morning. Its price action was utterly predictable, because a big piece of news had sent the stock flying higher yesterday evening, and that carried through to this morning. The result? A nearly to-the-penny gap fill.
So is this how it’s going to be? A day in which we have some Big Looming Event and have to sit around for it and wait until we actually trade? The biggies tend to be:
That third one is the one we’re dealing with right now. We’re all stuck in the muck until the Next Big Data Point. In the meanwhile, I languorously offer to you the next meaningful resistance level for TSLA, at its gap:
I knew it. I just knew it. This weekend, I was thinking to myself about what a perilous time this was for the bears. About how it was a total make-or-break moment and how at-risk we were. The QQQ looked ready to rocket higher. Powell was on deck. The whole bit. And every single time I feel that way, the entire world falls to pieces, just like now. And, bless it, the massive gap from August 19th has done a yeoman’s job keeping prices back for nine solid months now. Just enough time to make a baby. Or something. In any event, it’s good to see we’re still range-bound.
Good morning, everyone. Well, thanks to the post of conference calls, we’ve got a non-awful morning in front of us. Half an hour before the opening bell, all the stock futures are my favorite color, and it’s all thanks to AMZN’s shocking pop-and-drop since yesterday.
