Welcome to the latest edition of Dog Bytes!
SPX futures are down -13 following today's PPI report and a big post-CPI rally yesterday.
It seems like a 25bp rate cut for 12/18 is guaranteed. But the language is something of a mystery. Europe is flattish, and China is up ahead of its stimulus conference.
ADBE is down 10% after earnings while AVGO reports after the close.
There is still lots of great action in Mag7 and Bitcoin, which have been a cornerstone in the Power Plays newsletter ($99 for 1 year) the past few months.
But let's talk about the big topic today...
TSLA has been AWESOME with so many ways to play it. The last setup was when it held $348 to clear $362. Yesterday, it made a new all-time high. And this morning it hit $429.52! Of course, this has some asking if TSLA can hit $500. My answer is of course anything is possible -- we could see more upside in the weeks ahead. But the real question is what do I do today? I want to be trimming TSLA here, not adding. And so we're clear -- I would not be looking to get short.
SMH remains challenged. Every time it's about to break down, it holds. $234 held and is our new point of reference. $247 is pivot resistance. Above that, and it looks more constructive to be long. AVGO reports after the close.
NVDA reversed to the upside yesterday. It held above $133.80 to get it out of the danger zone. It still has to prove it can be special. It needs to clear and hold $141 to look better.
PLTR had a monster move this year. Recently, it made a big topping bearish engulfing candle with a high of $80+. It's looser and wider. Short-term, $68 needs to hold.
RDDT rebuilt fast after a high of $180. As long as this holds $152ish, it looks good.
CCJ broke $60.55 to get any active momentum traders out, then lost the 8-day to confirm weakness. Some might try longs vs. $55.78. It has a lot of work to do.
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