TSLA reported earnings, BA got a stellar review this afternoon by Jim Cramer, and I’m getting ready to press my foot down on this market’s throat. 

This market continues to bore me.  I’m so fucking bored.  If you’re trading this shit and aren’t buying the dip, and selling the rip like I told you last Friday morning, “For now, just keep buying the dip and selling the rip.” then you’re experiencing lingchi (death by a 1000 cuts). 

I just realized today is Wednesday…wow these have been 4 of the longest fucking days ever!  So I almost never play earnings and how bored am I? Well today I decided to gamble a little on TSLA earnings. 

Let’s try a little here.

So apparently, TSLA shares are hard to locate and I could only get in on the small position.  Everybody wants to short TSLA, and it’s so crowded that when I want to stick the knife in some more and twist…I can’t. 

I then make my call like a batter going to bat and predicting where he’s going to hit the home run to.  

TSLA 15 Chart

Just another home run.  1-0 RM. 

I was driving and I pass up CNBC on my XM radio.  Jim Cramer is on.  I listened to him talking about BA and how it’s going to go to $400.  $400 is his price target and it’s a BUY BUY BUY!  I remember looking at BA earlier this week and thinking…this is a good short.  Today REALLY looks like a good short, which is why I was wondering why this idiot was telling people to buy.  Let’s look at the chart! 

We have a rising channel on the daily and today it broke.  That’s why I said it’s a good short.  It might go to $400, but with the way the market is going right now…I say it goes to that blue line you see there first.  You can buy this stock $24 cheaper and that may be a good entry.  It’s not my kind of trade, but if you want to try to buy there for a few, that’s a good entry.  I rarely show my hand this early, but here it is.  Short here at $324, 1st tgt $300 and then evaluate from there.  Stops are a set at re-entry of the channel. I guess I’ll be selling to people that listen to Cramer.   Let’s go 2-0 RM.  

Last but not least.  I thought earnings would do it.  It didn’t do shit.  I thought the Fed today would do it.  It didn’t do shit.  This market is converging.  It’s making higher lows, but no higher highs.  We’re tightening up and where we go is where you should go to.  The action the last few days had my Spidey senses go off.  I’m no longer bullish and I think we go lower.  I won’t make my move until the market says where it’s going, but I’m more inclined to say short than long.  

There are two trendlines going on here.  The bigger ones on the outside, and the smaller ones on the inside.  The smaller ones are on the shorter time frame and it looks like we’re resting on the bottom of that line. As that trend has gotten tighter, that’s why I’ve been suggesting to sell the rip and buy the dip.  It hits the top of the line and goes right back down.  EZPZ.  It is getting so tight, it will have to pick a direction and from there it will go to 2 other lines.  Since I’m thinking it will go down, it will hit the infamous 200 day moving average which is that light blue line.  It either bounces off of that, which after hitting it 3 times, we should go through it and then we hit the bottom purple trend line.  Where we go from there? Based on price action. 

You’re welcome. 

-RM 

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