Start the conversation
Leave a Reply
You must be logged in to post a comment.
Dear Reader,
Yesterday, we recommended the Robinhood (HOOD) April 6, 2023, $9.50 call for under $0.20. At noon, it was trading at $0.37.
That's an 85% gain. And that's what happens when momentum turns positive.
This morning, inflation data came in softer than expected. That's the narrative. That's what CNBC is telling us drove this rally.
But we spotted a market reversal over the last week. Our S&P 500 momentum reading turned positive on Thursday. Our Russell reading turned positive this morning.
And now... the next "Hated" rally has started...
Keeping It Short
But inflation is still high... Who cares.
But the recession is coming... Who cares.
But there's a political witch hunt... I don't care.
But layoffs are picking up... That doesn't matter.
What matters? Momentum.
What do we follow? Momentum.
Whether it's short covering or actual pivot preparation, I don't care.
Our readings went positive on the Russell today... and we bought into the rally. We held our nose, we dismissed our biases, and we bought. And these next three days are critical.
There is immense upside. Everything I've explained around short squeezes is happening.
If you bought CHPT yesterday, sell half. Hold the rest.
CHPT could easily hit $12.00 next week if short covering accelerates.
Enjoy the win. There are more to come.(A HyperTurn Just Activated - Get Your Positive Momentum List)
Today's Momentum Reading
WORLD'S BIGGEST INDICATORS
Broad Market: Yellow
S&P 500: Green
Recap: The World's Biggest Indicator (Momentum) is Yellow...
We're positive on the S&P 500, but the market has seen a bit of profit taking today. I'm looking for a broader rebound in the final hours today.
Flashpoints I'm Watching
- Indictment: I do not have any commentary for you about the indictment of Donald Trump. I will just provide this observation: Do not consume yourself with this story today. Yes, there will be a lot of stories and opinions about this event. But I implore you to focus on the markets. If momentum turns positive on the Russell and a short squeeze hits today, it will be an incredibly lucrative day. Spend the weekend reading about politics if you want. Focus on the markets today. Friday's are great trading days. It can wait. You'll be hearing about it all the way through 2024, I promise.(come trade with me in flashpoint trader)
- Credit Crunch: Richard Branson's Virgin Orbital is no more. The company failed to secure emergency funding. Now, it's just sending all of its employees home. This is a pretty significant, high-profile development on the state of venture capital. Branson - who has plenty of money - didn't even see the need to save it with his own capital. There will be plenty more failures like this in the future, and - to be candid - we need more of them. This is not a company that the world needs.
Long Shot Trade
Buy to Open the EQT Corporation (EQT) April 6, 2023, $33.50 call for under $0.35.
What You Missed
Perhaps you've already heard, but Gabe and his team are presenting a golden opportunity today for anyone seeking to upgrade from an annual to a lifetime membership.
But, even if you don't currently have an annual membership, I've been told that if you call 877-711-2560, Gabe is offering some of the best deals we've ever had. I mean, $995 to trade with us for LIFE? I'm still shocked Gabe made this offer.
So, don't miss out on this opportunity to join the Money Morning LIVE family for life.
Give Gabe and his team a call before they turn the phones off at 4 pm.
And one last thing, let's not forget to have some fun this afternoon!
Today, Kenny Glick is taking over Trade the Close at 3 pm and broadcasting it in the main room at Money Morning LIVE.
It's going to be a blast, so let's all meet in the main room at 3 pm for a fantastic Friday trade close and let's make some money to end the quarter.
I can't wait to see you all there.,
Stay Liquid,
Garrett
The post Momentum Turns Positive... CHPT Trade Rips Higher appeared first on Midday Momentum.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.