5/23/2021 Indexes flat this week. Covered QQQ short for a loss (stopped out), still holding TWTR and looking at going long on some tickers.

Hi everyone, I hope you had a nice weekend!

I got stopped out of QQQ this week (only held for 2 days), and I’m still holding TWTR.

QQQ daily chart below. I still think there’s better odds (and better risk/reward) that we move lower, but my recent short trades have drastically underperformed my long trades, so I’ll look for opportunities to go long instead of short.

The TWTR trade is working out and I have plans for adding to the position if we continue higher.

TWTR daily chart below:

I have 12 tickers that look good for going long at or near current prices.

Here is the list: M, SQ, KSS, DIS, ICE, BA, PDD, INTC, T, NKE, MU, PINS. I’m most likely to go long on M and SQ.

My previous M trade went well, but I had to exit due to earnings. It has pulled back a bit and is looking good again for going long. It seems to like to recover after closing below the 50 day moving average. I want to be long near 16-16.5 with a target near 19-20 and stop loss near 15. M daily chart below:

Another good long candidate is SQ. It has been following Bitcoin’s movements quite closely recently. It is right near support. Usually this many tests of a support zone means it will break, but risk/reward favors going long here so I am likely to enter long on this position soon.

SQ daily chart below: The average move (last 4 times) after hitting the 190-200 zone is 66 points up. A profit exit near 240-250 (40-50+ points) would be plenty with the amount of risk we are taking (10-15 point stop loss).

KSS daily chart below. This is in the same sector as M, meaning they probably move together. Going long on both M and KSS might not be a great idea. If I had to pick one to swing long, it would be M because I’ve traded it before and have some experience with its price movements.

Let’s see what happens next week. A large gap down (>1%) in the indexes on Monday would provide good long opportunities.

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