HEAT WAVE!
Summer arrived like a drunk bull to a party, just bursting through the doors and throwing off heat left and right with no end in sight. When it’s too hot to do anything outside that isn’t fun.
Luckily, we can entertain (torture?) ourselves indoors in the A/C as we start another week in the melodrama that is the stock market. The FEDerales are out in force to begin the week, with multiple speeches on both Monday and Tuesday. Wednesday brings a lot of data, with mortgage rates, home sales, some bill auctions, and bank stress tests after close.
We round out the week with GDP and jobless numbers on Thursday followed by Powell’s favorite inflation indicator on Friday, the PCE readings. Friday also brings Michigan consumer sentiment, which took a big dive from April to May. I think the pissed off consumer sentiment continues.
So we can get lost in the distractions, or stick to the charts. I know what I’m choosing. Follow along and bank as always.
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P.S. - PAY ATTENTION to my CMG Bonus Trade idea inside and you might end up with a whole lot of burritos 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.
Let’s BANK!
ANF
ANF 0.00%↑ in this 4 hour channel retesting the lower trendline. This thing has been a non stop freight train for well over a year now. That is some impressive long term strength, and I’m watching this week to see if it has a retest of the all-time high in her, or if she loses the trendline. Here’s the plan.
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