PLTR In the most recent Mid-Week Update PLTR was mentioned as a potential Long idea that we have been trading in the PRO Service for the past few months. As you can see on the Weekly chart below, PLTR is in the process of breaking out of what looks like a small degree wave ii, prior to a wave iii of 3 into the low-to-mid 30's, on its way to $50+ in 2025. From this price target perspective, calls are cheap, especailly considering buying the six-month calls that don't expire until January 2025. PLTR Weekly PLTR Daily PLTR Jan 2025 Calls Any strike in table is acceptable for this trade; highlighted strike - $30 - is preferred and will be tracked in options portfolio. PLTR - NEW TRADE TRIGGER Buy the PLTR Jan 2025 $30C at any time PLTR closes above its closing price of Friday, July 12, 2024 = $28.07 TSLA Move hard stop to a close < $230, if hit, we will add new calls somewhere in shaded rectangle; below $200, all bets are off. Premium Service TSLA Call Despite the carnage on Thursday, TSLA is up close to 50% since its Wave 2 low in early June. The focus between now and July 23rd earnings will be the trend going into earnings, as odds are it will likely reverse, even if in the short-term. The numbers mean nothing to me, only the technicals. We have huge percentage gains in both Premium and PRO positions, with the challenge now to keep at least half of those winnings while staying in TSLA for what could be a monster two-to-three year move. As suggested above, I only want completely out of TSLA calls if the shares breakdown below $200 and even then, if the shares were to recover back above that level, I'll find new calls to jump back in. Tesla has been my personal vehicle of choice since 2016, stock of choice since Dec 9. 2019; it is the preverbal marriage made in heaven. Owning shares and/or calls is akin to being in business with Elon Musk, a partner full of risk, excitement and ultimately, riches. TSLA - Long Term Buy & Hold as of Dec 9, 2019 Stock Market Indices - The Big Picture Like the Energizer battery, the market just keeps on keeping on. Best bets for participating in a continuation are TSLA, PLTR and to a lessor extent, AAPL - in that order. However, whether triggered by exogenous events, or a market implosion in and of itself, I want to be ready for a rough and tumble second half of 2024, including an anywhere from 10% to 25%, or worse, market decline into the 4th quarter. Being ready doesn't mean throwing money into anything at anytime, but it does mean watching key levels on the downside which if broken, tilt the scale heavily toward a massive sell-off. We're not there yet, so no need for any "short trades pending" this weekend. QQQ This is the most bearish looking stock index and it really doesn't appear to be all that bearish, not until 475 is broken. That's almost 20 points lower and is about the only thing that would have us jump back into stock index puts. Gold (GLD) GLD Call Positions The July 19th calls are well below the 50% trailing stop level, while the Sep 20th call is still close enough to be considered an active position. The price pattern in the daily chart is suggesting GLD 225 as Key Level above which GLD could run up in a Minor Wave 5 of Intermediate Wave (3) into the high $240's. A close above GLD 225 and I will send out a special Alert with new calls for that projected move. Bitcoin What would Allan say about this chart? (Scroll down for Answer) Bitcoin Discussion If you guessed, "Bearish, but no trade yet" you have been paying attention, kudos. First, the red down arrow tells us Bitcoin is in "Sell" mode. Second, we have cited the previous low of $53,500 as a Key Level below which we are willing to buy BITO puts. A drop below that level suggests a further decline in the $40K's, maybe lower. It would be consistent with a general decline in the stock market, so even then there might be better short-side bets. In any case, unless and until $53,500 is broken, there is nothing to do here. On the upside. it would take a blue up arrow to even think about BITO calls.
