3/14/2021 Markets hit all time highs, tech stocks recover as well. I’m feeling bearish, but will probably start buying tech stocks anyways. Went long STNE at market close Friday.

Hi everyone, welcome back. Indexes other than QQQ hit all-time highs, with the Dow Jones leading the charge. Most of the interesting price action is happening with QQQ, so we will look at that chart.

QQQ daily chart below:

I bought STNE (2/3rds sized position) on Friday’s close at 71.8. This is the best buy setup I’ve seen in a year.

This time, I drew in some squiggly lines representing 5 scenarios (chart below). I did this because I analyzed my past trades and I have a tendency to sell early if a stock makes a large move in the preferred direction. I get scared I’ll lose those big, quick profits, so I cut the trade early.

I plan to only average up into this position since a daily close below 70 is bearish to me. However, I will average down if we get a candle similar to the most recent one on Friday. The ideal scenarios are the green lines – and I plan to hold the trade for about 1 – 1.5 months. Stop loss at 65, and profit exit at 89.

Some other stocks I plan to go long on are: PTON, PLTR, ORCL, JD, and BABA (longer term swing trade).

PTON daily chart below. I’m used to receiving high premium from selling weekly puts with an at the money strike price. However, I might sell the weekly 105 strike put before price goes to 105.

PLTR daily chart below. I wouldn’t be surprised if this one ran away, but I won’t be chasing it at the current price.

I’m also looking at ORCL, JD, and BABA for swinging long. I’ll post those charts either when I take the trade or sometime next week. I’ve been sleeping really poorly due to stress from a couple events, so I’ll end the blog post here.

I look forward to next week’s stock market action, and I hope you have a nice week!

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