Fun Fact #13
Did you know that Ronald Wayne had a 10% stake in Apple back in 1976? Oh great, who cares? Well, Ronald Wayne sold his 10% stake for $800 in 1976. Just imagine how much that 10% stake is worth today. For your reference, Apple is approaching a 1 trillion dollar market cap.
Above is the weekly chart of QQQ. It looks like the bears are in complete control of the price action on QQQ. The buyers are still MIA (missing in action). The weekly chart looks like we are about to roll over and test the 150 level. This could also be a giant head fake, and we could see higher prices.
SQ is now below the breakout location of $50 (market by the horizontal line above). As you can see in the circled area, this was a failed breakout and buyers are now trapped. This could put a lot of downward pressure on the price as the buyers that bought above $50 are now trapped. Although I was stopped out of this trade today, if we see another big flush down to the 42-44 level, I would consider buying it back.
MU is still above the breakout location which is good. I expect buyers to get really aggressive around this price. Anything below 50 would be considered a false breakout and MU might be stuck consolidating in the mid to high 40s for a while.
BABA is nearing a support level between 170-175. As you can see in the past, these are levels where buyers start getting aggressive and start pushing prices higher. You could consider scaling in around these prices.