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Attentive Slopers know that Rivian was my one and only long position. Was. I had a stop-loss at 18.25 (I bought it at 18.90) and got stopped out this morning at 18.20. Good thing, too. It’s a full dollar lower than my execution price already. That’s what stops are for!
It seems that, yet again, what should have been a breakout has morphed into a slump. Probably the next and best opportunity for RIVN would be after getting pummeled down to that ascending trendline, which could take months.
I look at thousands of charts per week, and in this insane market, the only non-precious metals related item that appeals to me on the long side is Rivian (RIVN), the electric truck maker. I had decent success with RIVN last year and I re-entered it this morning at $18.90 with a stop at $18.25.
Never would have I imagined all those fingernail-sized chips would be such a big deal all of a sudden.
If invading other countries is this good for the market, I guess we’d better get used to more takeovers. Greenland next, I hear? In any case, the Dow Industrials is many hundreds of points higher and within spitting distance of the never-before-achieved 50,000 level. Go back farther and farther, even as much as a century ago, and you can see how important this resistance line is.
