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Thursday, August 12, 2021

Market Update 8/12/21 - a look ahead at tomorrows trade

 The 3X natural Natural Gas bear got a dead cat bounce to the top of the bearish channel, so I'd want to be be long the leveraged gas bull going into the weekend. 


We also saw miners pull back, and the $GDM even managed to make a slightly lower low. I'd say we're close to the end of a bearish wave (5). 

$NUGT - If we happen to see a short squeeze in miners, and you're long the 3X leverages Bull (NUGT) - you're going to want to take profits around the $70 area. That would be a huge gift! 

I think Biotech is probably going to retest the recent high as well, and what better time to manipulate an entire sector, than going into Options expiration, next week?! I think I'd be careful being short anything right here, even China. 

We saw certain Chinese stocks hammered, but not what I would call a bearish reversal.  

$IQ - I incorrectly called this an index, last week. It's actually a stock. Thankfully I didn't own this one on Wednesday, but I might pick this one up for a bargain, once the short sellers are finished with it!  

See you tomorrow.
Good luck, AA 


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