Maverick 01:19 AM - Mar 29 2022

Market Update: March 28, 2022

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What Happened Today (Monday)
  • SPY closed at 456, up a little over 3 points for the day.  It’s truly a work of art. 👌  
  • As I noted on Friday, the 20MA is curling up - https://stonks.chat/group/7/posts/290 - very bullish indicator.  
  • The weekend update noted that 458 is our next stop and that looks on the agenda for Tuesday stonks.chat/group/7/posts/296
  • Trade: flipped AMD for a decent profit.  Unfortunately I bought it right before the 4 point drop on the SPY, so had to average down.  Worked out OK in the end, but AMD wasn’t quite moving at the pace of the SPY.  Something is still sitting on it.  See $AMD  for trades.
  • Trade: SPY 450c I traded a few times.  This worked out as well, as you can imagine. See $SPY  for trades.
  • I did not buy it, but AFRM is showing strength and I like it here.  It was from weekend charting. https://stonks.chat/group/7/posts/295
  • Trade: I can’t help myself with MOS.  It dipped $5, so I went in after it started turning up.  See $MOS  for trades.
  • Russian involved in peace keeping talks may have been poisoned https://www.foxnews.com/world/russian-oligarch-roman-abramovich-ukraine-peacekeepers-suspected-poisoning
  • China has started locking down millions of people in its zero tolerance policy, but I don’t think this will last long.  They do not want to go into an economic stalemate again.
  • No progress in Russia/Ukraine event.

Looking Ahead (Tuesday)
  • Consumer Confidence Index will be released at 10am EST.  This is a measure of how optimistic or pessimistic consumers are about their financial situation.  Unless it’s a shocker (doubtful), won’t move market.
  • Fed Harper speaks at 10:45am
  • AFRM - on watch for entry.  I should have went in today.
  • AMD - my flavor of the week.  I’ll trade it up until SPY 458.
  • AKAM - another one from charts over weekend, slow ticking up https://stonks.chat/group/7/posts/295
  • PAY ATTENTION: I’ve been warning about the market ignoring rate hikes, what could happen in May, and bond market - the bond market is yelling at us and at some point, the stock market will listen. https://www.cnbc.com/2022/03/28/bond-market-is-flashing-a-warning-sign-that-a-recession-may-be-coming.html
  • 10Y Treasury is at 2.5% now….it was 1.5% on Jan 1. 🚨
  • Chart - SPY - it’s just chugging as expected so far.  I think we’ll see 458 on Tuesday and then run into some headwinds.  If it pulls back, it might be a significant one - but I don’t really see anything significant enough to pull it back until Thursday’s PCE data.  More likely to hit 458 and cruise until then.
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Maverick's Moves

Created By: Maverick
Created: Feb 8, 2021
Total Followers: 13
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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.

Twitter: twitter.com/stonks_maverick
Substack: mavericksmoves.substack.com
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