Strategy Session Notes (March 20, 2020)WU 032020
Big asset unwind. Margin calls; leverage; redemptions, etc. Very sick market.
Cash is still king. 80% in cash for me.
I still believe that this is some kind of bottom. Technicals give me that picture.
This is a treacherous environment. The best trade is no trade.
So many stocks are setting bull traps.
Note “relative” versus “absolute” price levels.
$T2108 — Pretty weak.
$T2107 — New low today. This is a red flag.
$SPX — Wednesday’s low held. Higher “relative” low?
$DJI — holding
$DJT – holding
$MDY – holding
$IWM – holding
$NDX – holding
$COMPQX – holding
$XAL — airlines might get bailed out…or not? These are tempting…but they really don’t entice me from the sidelines.
$LMT – Really bad price action.
$RTN — really bad price action.
Remember the zig zag. A “V” is likely to be a “W”. Merrill Patterns.
$GSX — Still waiting and watching.
$ZM — I took some profits here. I trust nothing.
$IIPR — Great high yielding REIT in the pot industry. Pot is now in demand. This is the only stock I’d consider.
$ZM — Pretty big move. I think it needs to rest…but fundamentals are good.
$BLPH — Inhalation delivery system.
$MRNA — A mess.
$AMZN — 200-day MA
$GOOGL — Nope
$FB – Nope
$NFLX – Nope
$HAL – covered straddle