Don’t forget your Safety Nets!!
Just a reminder to trade responsibly and to make sure you have appropriate S/Ls in place to protect your gains and minimize and losses. Here’s a summary of current market conditions to be aware of:
SPY — 76.77 RSI
QQQ — 78.57 RSI
DIA — 71.14 RSI
IWN — 71.94 RSI
VIX — TSI crossover about to happen, MACD already crossed over
VXN — TSI and MACD crossed over
GLD — big spike on Friday
TLT — also spiking high on Friday
Let’s take a quick look at what this all means. The S&P 500, NASDQ, Dow Jones, and Russel 2000 are all in the overbought territory and as we know, anything above 70 RSI doesn’t stay there for long (except for maybe TSLA). This could mean we’re reaching the peak prices of what most buyers are willing to pay. Not saying it won’t continue to go up, but just a warning to play it close to the vest in the coming weeks.
The two VOLATILITY indexes, VIX and VXN are getting upward momentum.
And lastly the two big safety net sectors, Gold and Bonds are breaking out, showing that buyers are hedging their bets in the event of a Market Drop.
ELON MUSK / TESLA MAKING HEADLINES
As per usual, Elon Musk’s latest tweet is cause for concern and will no doubt cause a dip tomorrow:
You can read more about all this in the links below:
Elon Musk puts fate of $US21 billion Tesla stocks on Twitter poll
Tesla chief executive Elon Musk should sell 10 per cent of his Tesla stock, says a majority of people who voted on his…
Musk should sell 10% of his Tesla stock, Twitter users say
Nov 7 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk should sell about 10% of his Tesla stock, according to 57.9% of…
Crypto Continues to Climb
ETH recently hit a new All Time High and BTC seems to be getting close to testing it’s ATH resistance. Smaller alt coins always seem to follow suit. There was a slight pullback in big meme coins like SHIB but we’ll see if everything rips higher. There’s lots of talk of BTC getting to $100k by End of Year.
Three Reasons Why Bitcoin Will See 100k
Two years ago, I wrote about how hitting 10,000 wouldn't be enough for Bitcoin in light of the asset's fundamentals and…
'Trillions Of Dollars'-Bitcoin Braced For A Massive Earthquake As The Price Of Ethereum, Binance's…
Bitcoin and cryptocurrency prices have rocketed over the last month, with the combined crypto market surging towards $3…
And lastly, here’s a few quick picks this week:
IMAX looks like it could be an easy 10% gain as it goes from around $20 up to $22 range.
With GLD climbing, Barrick Gold ($GOLD) might be a solid pick. IF there is a dip on Monday that might be an ideal time to scoop some up.
The chart for $TACO is also looking very tasty at the moment, with the price under it’s 200 SMA.
STOCKS UNDER 30 RSI
Some bargain buys to keep an eye on, but careful not to catch a falling knife!
Trade long and prosper!
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