MARKET OUTLOOK - JANUARY 23RD SPY, TSLA, GS, BAC, CRON

JANUARY 23RD 2019

SPY

So this was the day I was waiting for, we all knew that it was coming. But now the move is done and we need to look at what is next. We are still holding right above the 50% fib on the bounce, we rallied nicely into the close today. Those that are caught long now will help hold the ceiling if we ramp out of the gate tomorrow, if we are weak out of the open I wouldn't be surprised if we trap some shorts for an intraday scalp. Either way, tomorrow will give a lot of information about this rally and where we head next.

TSLA

This was a nice one today selling off nicely to the mid 295s. I like the short term bounce for a trade maybe until the low 300s. This is all dependent on the SPY of course, if we sell off in no way will I be long TSLA.

BAC & GS

This morning gave a nice sell off early in GS. BAC is holding up well against the group, which is something interesting. Now BAC is very tricky so while it is interesting I don't find it to be too surprising. If the overall market is weak my next target is BAC, as I think it has some catching up to do.

CRON

This has been a fun one to trade. The benefit of CRON is you can push some size in this one. There has been some options activity in this name latley. This morning momo sweepers came in and provided longs a nice exit, I think for now 16.07 will act as a ceiling. I would also be careful with this name as I have traded it before multiple times and would not be too eager to short but wait patiently for the inevitable squeezes as newer traders get run over in the crowd.

As always this is not financial advice and should not be treated as such. Feel free to leave a comment or question I would be more than willing to help or discuss opinions.