Daily Plan 5.1.24
Welcome back everyone!
First, we will cover the recap for today's session, then move on to tomorrow's analysis.
Indices:
Today was an extraordinary day, both for the E-mini and Nasdaq. Prices plunged below the short levels, triggering significant sales right through to the targets. Beyond the levels posted last night, which performed flawlessly, I also highlighted an SPX put that soared from 1.7 to over 30 by the close, yielding a net return of 1,600%. This was another remarkable prediction made live in the chat, following yesterday’s SPX put which achieved a 450% return. Over two days, I have delivered more than 2,000% in returns on SPX contracts, marking an exceptionally unusual week. My forecast for a sell-off proved accurate, positioning us advantageously with market trends. Additionally, there were impressive earnings releases, which I will discuss in the following section, titled "Stocks."
Commodities:
Oil surpassed my expectations by achieving a significant drop to the target, with the short level marking the highs. Prices managed to fall nearly 200 pips below the short level, creating an excellent setup. Once prices initially broke below it, the short target turned into a strong resistance that persisted throughout the entire session.
Similarly, gold experienced a significant sell-off from the short level that set the session's highs, culminating in a thorough plunge through the short target. It fell over 40 handles from the short level down to the session's low. This movement mirrored the trend observed in oil, highlighting a strong bearish momentum that dominated the trading session.
Stocks:
First, let's cover the earnings reports (ER) that were released today before we move on to the swing stocks I highlighted on Monday.
Eli Lilly (LLY), Starbucks (SBUX), 3M (MMM), and Advanced Micro Devices (AMD) all met the ER targets, exhibiting sharp moves following the reports. Additionally, I was asked about my thoughts on Super Micro Computer Inc. (SMCI), for which I predicted a sell-down to $750, a forecast that came to fruition. Overall, it was a tremendous day for earnings reports, with many more expected as the week progresses.
Moving on to the stocks I covered in yesterday's session, Microsoft (MSFT), Google (GOOGL), and Meta Platforms (META) are all recording new lows for the day. Notably, GOOGL posted a return of over 300%, and MSFT came in with over 200%. There's still more potential movement depending on the remarks made by Jerome Powell tomorrow regarding the interest rate decision, which I believe will remain unchanged from the last.TSLA
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