TTG Market Observations & 6 Stock Charts to Watch 9-19-22
Quick observations (attached audio message for TTG Members, note TTG members receive this email Mon, Wed, Thurs and Midday Live Session Tues & all trades are sent to members real time / position sheet sent end of day)
- Breadth is indicating chop
- Bonds are rallying a bit from lows TLT +0.5% ZB futures flat
- VIX now flat on day (was higher to start)
- Crude -% Nat Gas -7%
Bottom Line: Choppy markets today ahead of Wednesday's FOMC... there are some bright spots: the rebound in Energy Commodities and the Metals & Mining space which is strong today after getting hit hard last week on the NUE pre announcement. I think we may see the chop continue w/ a slight bias to the upside as both shorts and longs don't want to be overexposed into the FOMC on Wednesday imo. So, why a bias to the long side? Because many areas have gone down multiple days in a row and Bonds are now oversold. A bounce in Bonds could help provide relief bounce into Wed. Note the indices remain in downtrends (both short term & long term) so I am referring to the possibility of just another oversold bounce.... regardless I want to be sticking to companies exhibiting Relative Strength & shorting weaker companies.
Market Breadth Indicator
% change from open
Charts
NG_F Nag Gas futures
Price took out a lower VPOC and is rebounding. Crude is also turned green on day. I added a long in Energy today - COP see chart below
TSLA Tesla Daily Chart
testing resistance again... watch for a break of this months Value Area $306.5
ZS Zscaler, Inc. Daily Chart & 1hr charts
Has given back a decent portion of the earnings move and is now back inside the Sep Value Area, watch for a move at least to test that top of value $174.8.
Note ZS is seeing weekly call activity (175s), note S - Sentinel One is also seeing small call activity.
I still think with tensions high w/ Russia & China, Cyber protection will be in demand
FCX Freeport-McMoRan Inc. Daily Chart
Active calls today and the whole Metals space is bouncing today note there is a story out on copper, see link
Tycoon Running a Quarter of China’s Copper Trade Is on the Ropes (yahoo.com)
>> 7013 FCX Nov22 35.0 Calls $1.17 ASKSIDE 13:14:11.596 IV=56.7% +0.6 OPENING Vol=7085, Delta=30%, Impact=212k/$6.39m, , OI=4838 Earnings 10/20 Before Open (est) Premium=$821k
LTHM Livent Corporation Daily Chart
Held the 20d MA quite nicely and is strong. I like a long vs 33.84 top of value
COP ConocoPhillips Daily Chart
I like how COP has held up while many Energy names dipped further and broke some short term support. I am long COP vs top if value $109
IBN ICICI Bank Limited Daily Chart
Still the best looking Bank / Financial I see and dipped into the top of the Sep Value Area, watch 22.5 as a potential stop to be long against
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