SNOW DAY
Winter is here. Snow is blanketing the country. Temperatures are dropping. Flights are cancelled left and right (puts on airlines, anyone?).
There is a LOT going on this week. It will be another week that has a day of no trading, with the markets being closed this Thursday in observance of the passing of former President Carter.
On Wednesday, the FED President (aka Daddy Powell), will release the latest FOMC minutes, and this is what I think is going to set the tone for the near future. The FED really changed their tone from September to their latest meeting, nearly dialing back the hope of any rate cuts at all in the year to come.
The minutes should show us how the individual FED members voted for the most recent rate cut (it was not unanimous), and the dot plot should give some indication of the forward thinking rate cut plans.
Earnings are very light this week, but we are diving right back in to earnings season next week with banks kicking things off.
There is some unclarity on what to expect with data and speakers originally scheduled for this Thursday. I have been checking multiple sites all day to see if there have been any calendar updates, but as of publishing the changes have not been posted. I will share a link that you can use this week in the economic calendar portion to stay up to date with the latest changes regarding Thursday.
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My Charts
Over Green line = Entry for Calls
Under Red line = Entry for Puts
Dotted Blue line = Price Targets
Purple line = Dark Pool
Blue Boxes = Demand Zones
Red Boxes = Supply Zones
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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NVO
NVO 0.00%↑ weekly is a chart that I really like at the moment. After a 6 month drop, it finally found support at prior demand level and has now been basing above the last 2 weeks. Break over the prior high and this one can fly. Here’s the plan.
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