Buzz.....................................................
I've done my share of futile top calling early in the rally. Fortunately I got religion in late April and began trading primarily from the long side, often in the small crappers and options. As you stated, the beauty of swing trades, especially in story or prestory stocks, trade higher regardless of overall market direction.
Denmo has been consistently spot on since the March bottom. He certainly deserves all the success he has enjoyed, especially with the handicap he has to trade with in his 401K.
This close to opex, I rely more on MP than on charts. If a near term downturn gathers some momentum, I doubt the QQQ's fall below 33 on more than an intraday basis. The option writers have a vested interest in not letting the boatload of puts built up at 33 going ITM with a 1.7:1.1 ratio of puts to calls. Like I mentioned earlier, if the bears become any more lathered, they'll push MP up to 34 in September.
At some point a pull back is in the cards, especially with 14 unfilled gaps on the COMPX since last October. But I'm not going to attempt to be a top guesser at this point.
Unfortunately, I have not traded any Monk picks. I've got commercial trading monkeys that have consistently fed me profitable trades which I have posted. I believe its for all of our benefit to elicit and post leads from various sources.
Good luck and continued success with your trades as well.
Regards,
Naz
AI
