Short
SMH - Ready to Fail - Waiting for Short Entry
SMH is following the trend with SPY, GOOGL, and AAPL. All are topped out, 70 RSI or higher, highly correlated, and susceptible to trade news.
AAPL, GOOGL, and SMH all have plenty of gaps to fill below. I do not think some of the lower ones get filled.
However, most gaps do get filled eventually given time.
In my opinion, we are just waiting for a catalyst for knock all these stocks down.
SPY is highly composed of AAPL and GOOGL. SMH normally acts as a leading indictor, but SPY is more inflated than SMH.
This leads me to believe that we are on schedule for a pullback by December 1st or before.
I am waiting for a short position to enter. I will be using a standard Put. About $250 or less risk, for $1400 reward if we pullback to $120 for SMH.
Once we get closer I will update chart.
Please do your own research and evaluate your own risk.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
AAPL, GOOGL, and SMH all have plenty of gaps to fill below. I do not think some of the lower ones get filled.
However, most gaps do get filled eventually given time.
In my opinion, we are just waiting for a catalyst for knock all these stocks down.
SPY is highly composed of AAPL and GOOGL. SMH normally acts as a leading indictor, but SPY is more inflated than SMH.
This leads me to believe that we are on schedule for a pullback by December 1st or before.
I am waiting for a short position to enter. I will be using a standard Put. About $250 or less risk, for $1400 reward if we pullback to $120 for SMH.
Once we get closer I will update chart.
Please do your own research and evaluate your own risk.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, VIXY.
Short SPY and AAPL.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.