Pre Market OCT 16, 2024

Things look to have “stabilized” here in the Pre Market today after yesterdays blood bath in tech. When earnings from ASML were accidentally released early yesterday the report sent tech into a nosedive. Okay there’s the news. So what? What now? As Options traders selloffs like yesterday then become our new best friend

In the past I’ve mentioned him before, world renowned American financier and stock market superstar, Bernard Barusch. I’m a fan of Ole Bernie for more than his stock market success and his incredibly tailored 1940s suits, I love his sayings. My favorite saying of his is “Show me the charts and I’ll tell you the news”

Last night I took a deep dive into charts of NVDA, one year, three year, 5 years, daily bars, weekly bars, even some with monthly bars….
You know what???? Every time NVDA hit a new ATH it had a pullback.
Livermore and Darvas both talked about that…. Jesse had his “3 Box Rule”
Nikolas Darvas waited on pullbacks for the next 3 days following new highs after breakouts. Hence the box on box system we modeled off of.

ASML is sinking again here
NVDA and the rest of tech is not
GEO is up by 0.78% here in the Pre
Soon we’ll know if that holds, and the rest of the stocks too

Side note:
There might not be an after market report later today
If there isn’t no worries I’ll be back in the morning

S+P Support is at 5,790
Time to grind

The Options Coach

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guarantee of future success. I am NOT a licensed or registered financial advisor or tax accountant. Prior to making any trading / investing /  financial decisions you should always consult with your licensed and registered financial advisor and tax accountant. There are no recommendations or solicitations  to buy, sell or hold any stock, future, options or bonds, cryptocurrency or any other financial entity in this newsletter. Nor are there any recommendations on any type or way or method to trade / invest. You do not have permission to redistribute this newsletter without my written permission first. 

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