Nothing wrong with taking a profit when you can, but right now this ticket is looking better to me than the other-although I’m still long both. A bit of a flip flop though, from used to look better there now looks better here.
One word - weeklies.
And don’t ignore that volume profile I posted a little while back. What’s above hasn’t changed, only what’s below has.
The bounce off the 9 EMA on the daily keeps me long.
The bunching of the 9, 21 and 50 daily back in Jan was a strong indicator once the crossover was clear. Golden cross on the daily happened just a couple of weeks later. I’m guessing that pulled in some players.
Saw the same thing on the weeklies towards the end of Jan and now there’s a chance at the cracking the 200 on the Friday print. If it does, I expect even more to follow along and get on board.
Really seems to me like our Washington friends may continue to drag their feet on things until 4/20. It’s only a little over two weeks away now so who knows? Maybe they are just trying to be cute? That’s only two more candles away. Lol
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