Skibidi Toilet Time
Skibidi what you ask? It “means” bad or evil (it’s nonsense, look it up on Youtube.) However, if you have a teenager recreating the English language in your life currently, you probably have heard this and gone insane at the same time!
THAT is probably what will happen this week. There is data galore, including inflation rate, CPI, jobless claims, mortgage rates, and consumer sentiment. BUT, the big skibidi toilet event of the week is the return of Daddy Toilet and the FOMC no rizz brigade Wednesday afternoon.
We have AAPL and their WWDC kicking off the week, with an expected focus on AI (count me to be one of those less than impressed without even needing to see the new iphone color…). Also on the docket this week; the big vote on Elon Musk and his 58 billion dollar pay package.
Expect volatily to be high as we go in to this week. People are waiting to see if the FED will cut rates this week. I don’t think there is a snowball’s chance in hell, and all this short term jubilation will soon die off when reality sets in that there are not going to be multiple cuts this year. I feel that if the FED does not cut at this meeting they will basically back themselves in to a corner of inaction with the upcoming election. Powell has yet to prove he has any guts of any kind inside of him, and making moves late summer just before the election just does not seem to be his, or the FED’s, style. I can easily see him continuing to kick the can down the road in to next year.
Anyways, let’s get in to the Stack, get your charts set up, alerts ready, and let’s bank this week!
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My Charts
Over Green line = Entry for Calls
Under Red line = Entry for Puts
Dotted Blue line = Price Targets
Price targets are not the same as option strikes.
Price targets are where I believe the chart can/will go.
The strikes I suggest are what I think provide the best risk/reward to make money.
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OXY
OXY 0.00%↑ daily falling wedge combined with big buys from good old Berskshire Hathaway last week put this at the top of my radar going in to this week. Here is what we are looking for.
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