Here’s the first part of the Daily Update I sent to members on July 15.

“Another day of excellent profits in what is still a challenging market.

The extremely bearish chart structures continue to drive strong selling today in names like
$MU, $SNDK and $AAOI. At the same time, this market is still full of participants eager to buy every dip. That kind of sentiment is typical of the euphoric phase of a market cycle.

Once that phase ends, price action usually feels very different. This isn’t my favorite environment to trade, but it’s a normal part of every market cycle.

I took the IBM short day trade overnight and plan to cover it tomorrow, which is why it isn’t included in the dashboard above.

🔥 Key Updates

$OIL

I took partial profits after the double top and the bearish headlines. I’ll try to record a video tomorrow explaining my thought process.

$MU
&
$SNDK

Great profits today, but the situation remains unchanged.

All eyes remain on the MU neckline. If the bears can break below it, I think it’ll be payday. In my view, it’s still worth the risk.

$AAOI

Yesterday I wrote:

“The double bottom didn’t form at or near a meaningful support level, making it more likely that we still need one more leg lower.”

Today’s price action was exactly what I meant.

$LITE

Yesterday I wrote:

“We’re now in the second leg up. Trading ranges often produce second legs. After that, a major move lower may follow.”

Today, that second leg appears to have ended. We now have a trading range following a strong bear leg. These patterns occur remarkably often.

The rest of the analysis is available for Patreon members only.

Educational content only. Trading involves substantial risk. The setup grade and outcome described here are specific to my plan, sizing, and risk tolerance. Do your own work.