Sorry guys and girls! Yeah, so I am usually extremely short biased on this stock.
The SECOND I post something with a HINT of short term bullishness, this happens.
You're welcome bears. Sorry bulls, my bad :(.
Anyway, I was wrong. I thought the market wanted to wait a little longer to sell off and I thought BA was well positioned in its descending channel to ward off any imminent market sell offs. But I was wrong here.
So my plan with BA. Just an FYI in advance, usually I post for day traders, but this is more for BA investors and people interested in BA stock!
So my plan going forward, I am not going to be trading BA in any direction as a day trade. I am going to be waiting for BA to hit my previous price target ranges, which are essentially:
1. 170s
2. 160s
3. 150s
It is possible for this to go to the 140s, but not sure. This is going to be a nightmare year for the stock market and its going to be very difficult for investors (like me) to gauge when to buy and sell.
My plan is to begin re-investing in BA in the high 150s range, hedged with some OTM puts. If BA continues to fall, I will cash out these puts and use it to actually invest more.
I know BA hit a low in the 90s during the COVID market thing. But I really have a hard time imagining it will go there again. The worst case in my regression forecasts have this trading around 130s range, which again, you know, who knows really. But bear markets don't generally respond to logic, so we will see I guess.
This is my first full fledged bear market as both an investor and retail trader. That 2018 mishap is when I actively started day trading and it wasn't anything like currently. I would be interested in hearing others feedback about where they see this going.
But BA currently has past the point of no return now. Its full fledged below its pivotal support.
I am using this bear market as an opportunity to invest in companies with strong fundamentals! BA is on that list. So is RTX and CNR. All 3 are among the most under-rated stocks!
That's it! Take everyone and trade safe!