Welcome to the first edition of Crush the Open, with myself, Joy of the Trade’s Jeff Zananiri, and my guy, New Money Crew’s Lance Ippolito!
This is a new weekly segment with more light-fare conversation to help get you ready for the week ahead on Wall Street. We have some things geared for more diehard traders, but that’s still being cooked up in the lab for a future date, so we’ll keep everyone posted.
I love Mondays before the market opens — that’s when the action starts, so let’s get to it!
Crush the Open: The Inaugural Edition
We were down about 30 candles late Sunday night before a pop in futures early Monday. Everyone’s looking for a bottom, and so many bottoms have been called… only for the market to head lower.
The best we can do is take a look back into history to see what could be coming next. And I think we’ll bottom out this year at the pre-COVID-19 low — which is a little less than 10% below where we are now.
Here’s a look at SPDR S&P 500 ETF Trust (NYSEArca: SPY), which tracks the S&P 500, to see where I expect us to hit the next “bottom,” which I think could be the bottom for this year.
I’m sure many of you don’t like the sound of that, and a lot of people are looking for safety… but there isn’t anything “safe” in this market.
We also have some important news coming this week… First, there’s the Producer Price Index on Wednesday, and then we have what I call the market’s Super Bowl each month coming Thursday morning, the Consumer Price Index, which gauges inflation and has spurred several major sell-offs already this year.
Right now, the Invesco Trust Series QQQ (Nasdaq: QQQ), IS the market, and it’s been in a bear market most of the year… Once Tesla, which fell about 13% last week, starts making a comeback, that’s when I see buyers returning.
The biggest news of the weekend was Rivian Automotive Inc. (Nasdaq: RIVN), which recalled over 12,000 cars over the weekend — that’s every car the company’s made so far!
This stock, to me, is a short to $0.* Check out Crush the Open up top and let’s discuss trading opportunities Lance and I see in RVN.
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.