The Daily Ticker 6-14-24

The big picture is murky, but we can’t ignore technology. We can’t say most of the market is neutral and stop trading. Tech stocks are the bright green start that we need to lean into as the rest of the bunch looks for a new catalyst.

We need sunglasses to view the last five days on this heatmap. The big dog came back for the week and joined the AI conversation. #AAPL punched a ticket to new all-time highs letting #NVDA know it’s not ready to give up the crown.

Seven stocks show bullish stacked order flow with a massive day by #SMCI yesterday. The stock remains range bound but volume and the daily candle expanded in a way that needs our attention. No edge here yet but if you began a “start” position with that information I would not hold it against you.

When a sector or industry group shows strong, fast momentum it can be hard to find an optimal entry. Blink and you missed it can lead to fear of missing out and buying too late. We do however have a few stocks worthy of new swing trades with a two day pause near breakout levels.

#AMAT #NXT and #TSM  makes the list.

NextTracker sits at all-time highs. I’m looking for a string close above $62 before I start a new trade. A solid setup to set an alert for. We could see sideways action today as the market digests all of this week’s news heading into the weekend. 

It’s important to develop the habit of setting alerts for trades that might not trigger immediately.

#AI, C3.ai Inc comes into Friday as a textbook SNAPBACK setup. 

A strong stock with a bearish u-turn, followed by a well-offered candlestick that closed near the low. Today we’re looking for a lower open to “snapback” into yesterday’s low for a new entry.

// Industry Groups

Biotech stocks continue to hold positions as a strong industry group. Multiple stocks with stacked bullish order flow: #RNA #ARWR #BBIO #DNLI.

Semiconductor stocks of course continue riding Nvidia’s coattails. #QCOM is one to monitor. #MU #CRDO. #SWKS and #AVGO exploded this week and should be monitored for new entries. Don’t chase them up here.

Computer hardware stocks need attention too. #SMCI ignited the bunch so let’s make a separate watchlist for this new order flow. #ANET #PSTG #NTAP.

// Swing Alerts

#CRDO exploded through resistance after reporting and then held the earnings gap for a solid example of an EGOP trade (earnings gap open price).

The charts show a light volume, two day pause near all-time highs. The company did not report positive earnings, but did report fantastic sales. The market liked the numbers and the expectations for the next quarter.

The company is also in the right sector (technology) and the industry group (semiconductors) to justify a new position supported by these reasons that justify accepting risk.

[$29.80 buy stop limit / $28.40 stop loss / $32.46 add shares / $33.97 IPT / $1.33 ATR]

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