My bet Friday was that we could see a gap down Monday that gets bought, but that it is better for bears if we gap up to start a week.
In my #samanthas-market-thoughts earlier today I posted how Monday gap downs have been bought for 16 straight weeks, according to Steve Sosnick of IBKR.
I just found his post: https://ibkrcampus.com/traders-insight/securities/macro/mr-market-does-like-mondays-at-least-lately/
So far in 2023, there have been 36 Mondays when the US markets have been open.
An astounding 29 of those 36 Mondays have been higher – just over 80%!
He followed up with that today: Will a “Fantastic Four” Power the “Magnificent Seven”?
https://ibkrcampus.com/traders-insight/securities/stocks/will-a-fantastic-four-power-the-magnificent-seven/… @SteveSosnick
Wherever they wonder, markets will follow given "The Big 4" out of the 7 represent ~16% of $SPX and 25% of $QQQ.
Tuesday alone we have $MSFT and $GOOGL which represent~ 11% and 16.4% respectively. But remember, there is plenty of room to run after they report earnings.
If my Nasdaq underperformance call continues, there is also plenty of room to chase and swing short.
· Alphabet (GOOGL) +52% YTD
· Amazon (AMZN) +46% YTD
· Apple (AAPL) +38% YTD
· Meta (META) +147% YTD
· Microsoft (MSFT) +36% YTD
· Nvidia (NVDA) +189% YTD
· Tesla (TSLA) +96% YTD (higher before earnings!)
#Magnificent7
Place Your Bets but Pace Yourself.
Did you enjoy #samanthas-market-thoughts posted above? Then you would love full access to her and her live trading room, detailed macro and intermarket analysis, not to mention full portfolio of trades across Chase, Swing and Trend timeframes!
Upgrade to CLUB or EDGE today!