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PENN

12/23 WATCHLIST + MARKET OUTLOOK (Warning!)** THIS IS PURELY MY OPINION AND I AM NOT LIABLE FOR YOUR TRADING DECISIONS ** Very interesting day today where even though we GOT the stimulus bill, the market did not seem satisfied. We remained under the major support (now resistance) trendline in red, which has served as support since the coronavirus low. There are 2 reasons this may have happened: (1)There is a big possibility that the market had fully priced in a large stimulus package, and is now asking "ok, what else can you feed me?" OR (2) Investors are scared of the covid mutation making its way through Europe. Regardless of the reason, it is a particularly dangerous time for this to be happening because if you look at the put-to-call-equity ratio, it dropped to pretty much all time lows as soon as the stimulus bill was announced. This means that market participants are overleveraged on calls and expecting the market to continue going up (being greedy). While this is not a sell signal by itself, if the market starts to correct, we could see a big long squeeze as investors panic and offload their long positions. I would save the PCCE graph to your watchlist and check it frequently. It is essentially the chart that tells you when to be greedy vs. fearful according to the old adage: "When others are fearful, be greedy. When others are greedy, be fearful." A normal PCCE level is roughly indicated by the 2 white lines I've drawn on the graph. My bias going into tomorrow is neutral. However, the market doesn't care about my opinion and will do what it wants, and I will trade what it gives me! The watchlist from yesterday went absolutely nuts. Highly suggest finding your favorite setups and focusing on those. Don't worry about missing a play! There are opportunities every single day. WATCHLIST 12/23 Recall that my trading style is short scalps and intraday options. These are not swing levels. ZM calls over 409.1 BABA puts under 255.4 BLNK calls over 49 PENN calls over 96.65 PYPL calls over 244 SQ calls over 243.4 MRNA puts under 123 NVDA calls over 531.8 WKHS calls over 23.45 TWLO calls over 374.7 NFLX calls over 527.6
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by algrowithm
DKNG Update Based off my previous DKNG chart, DKNG is pushing up towards the 55’s. I think with the impending 2nd lockdown coming, DKNG has a chance to have another bull run. Around the 3rd week of March when the national lockdowns began, we can see in the purple shaded rectangle, the lockdown seemed to serve as a catalyst in a bull run. As we also saw in August in the pink shaded rectangle, we saw a doji which represented a bull reversal. As NBA starts to ramp up, with the addition of Virginia legalizing sports gambling, DKNG may have a “lockdown proof” earnings in January. I do believe that DKNG is due for a reversal, so I will be looking to add more around 48.63, 46.66, and 44.78. If DKNG can maintain the 44.78 level – 50 day EMA, I think that would be a prime entry point and possible confirmation as support.
NASDAQ:DKNGLong
by itsmiguelsol
DKNG Pull back! DKNG 15 MIN DKNG forming a head and shoulders looking to bleed more! News came out that several NFL players have already tested positive but I don't see it stopping DKNG that much or NFL in general, but I'm still waiting for DKNG to pull back to 51 (.618 retrace on the daily) to start scaling in for some monthly swings. Keep in mind we have a gap down at 53 and 50 could we fill those gaps this week? Possibly. Will post daily chart to see clear outlook and direction.
NASDAQ:DKNG
by jUiCE_Trades
PENN S&ROver a week ago, PENN rallied above its previous resistance around 40 and began trading in between this channel. Throughout Friday and Monday, PENN hit the resistance level at the 53s, but finally broke through the ascending triangle and is now trading above it, making the 53 a resistance level to watch out for. A break of the Anchored VWAP should be on watch, as a break below the new support would be imminent, especially with this Portnoy news. However, if PENN can stick this 54.9 level, it should be in good shape for a breakout
NASDAQ:PENN
by Samirp01
1