Memory and AI stocks saw some steep selling today, filling three of my home run targets. The S&P 500 failed to break lower and bounced from support. With the market waiting for the FOMC decision and earnings from Apple, Microsoft, and Meta, it’s common to see range-bound price action. Apple is trading at all-time highs and looks stretched. Even if earnings are strong, I wouldn’t be surprised to see a sharp selloff. If that happens, it could drag the entire market lower. Of course, I have no idea how earnings will turn out, but I’m very confident that the risk/reward is much better to the downside than the upside.
Key Updates
$MU &
$SNDK One more SNDK target was filled, almost exactly at the bottom. It was an extreme target, and you can be proud if you took this trade with me. We shorted near $2,200 and covered at $1,052. It was one hell of a ride. I also explained in chat today why our exact exit doesn’t matter much anymore. For example, if you shorted $100K of SNDK around $2,200, that position would now be worth less than $40K. Compared to the size of your account, it has become a relatively small position. From here, I’m open to anything and will monitor the price action closely.
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