Maverick 00:21 AM - Mar 03 2022

Market Update: March 2, 2022

Follow up to Week Ahead: stonks.chat/group/7/posts/191

What Happened Today (Wednesday)
  • ADP report premarket revised the January report that caused so much confusion from -300k to +500k.  Say what?  Then showed +475k for Feb.  So, was the BLS report right, after all?  I don't know what to believe with these jobs reports anymore - and the market is caring less, as well.
  • I was also caught off guard by JPow.  He had his testimony before the House today - and he all but said he'll be doing a 0.25% rate hike.  The market liked that, especially since many were expecting 0.50% hike.  
  • Ukraine: We got some hope that a ceasefire is on the table.
  • Trade: I closed out my overnight $MOS  calls at 4.75 (from 4.45)
  • Trade: I closed out my $SPY  calls at 14.50 (from 13.48) - sadly these went on to 17.50.  Grr!
  • Trade: I did some more research on $MOS and decided it was worth a swing trade (hold for a few days) and added back the March 18 50c and some April 14 50c - see $MOS for those trades.  Remember, this is the fertilizer play (on tightening supply due to world events)
  • Trade: I also (poorly) traded AMD.  It was an obvious one this morning just screaming at me, I took the quick scalp, but should have held it way longer.  It roared most of the day.  This is my favorite tech company to trade.
  • We ended up +8 points today on the SPY and closed just over the 250MA - nice rally, mostly on the back of JPow's comments this morning.

Looking Ahead (Thursday)
  • I don't see any economic data on the calendar that matters in premarket.  We've got JPow again at 10am, but this time in front of Senate.  I am guessing he's just going to mostly repeat himself?  The only landmine I can think of is if they push him on the balance sheet.
  • Trade: I might pick up some more $MOS if it continues to inch up.  Liking this one.  They're the largest in this space in the US, have plenty of cash, pay a dividend, and announced accelerated buyback - and are now in a spot where their product has tight supply.
  • Trade: I'll have my eye on $AMD again.   If the general market is moving higher, this should outpace it to the upside.
  • Chart: 30 minute chart approaching overbought on the RSI only.  MACD looks fine.  Daily chart says we could keep moving up, pending any extreme news or balance sheet landmines from Senate.

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Maverick's Moves

Created By: Maverick
Created: Feb 8, 2021
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I trade SPY, QQQ, and specific story sectors using technical analysis and gut rubs.

I'll post my thoughts and market moves here.

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