Trade Plan for 12/23-12/27
Did the Fed steal Christmas or will Santa deliver?
Last week I remained largely neutral with a slight bullish bias. Given contract rolls across the indices futures and the FOMC decision, I did not have a strong opinion.
For $TSLA I suggested a short and notified the Discord on Monday that I started scaling into it. Here’s the updated chart for this week with the commentary from last week:
$TSLA squeezed above for a day, but I had faith. It closed the week at 421.06 / -3.48% well below the shorting range I gave.
For precious metals I was levels based bull, but given the bearflag breakdown for $GDX on the daily I was cautious with countertrend longs. My commentary for $SI/silver futures was:
We did, indeed, see a flush under, so I took a long flyer and that worked out well on Friday. ✅
I thought that crude may finally get something going if it held 70.08 on a backtest, but it continued chopping wildly and ended the week slightly below. 😐
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures started the week off with an up day, but the contract roll gap up on Tuesday marked the top and we saw an astonishing unidirectional decline (fakey breaky) on FOMC Wednesday. Despite both the boost from contract roll and the squeeze action on Friday, both lost ground on the week. $RTY/small caps futures downward momentum continued and it was the underperformer for the third week in a row.
$GDX/gold miners accelerated downwards, but $GC/gold futures ended the week only down marginally. Silver broke below recent lows.
$CL/Crude Oil futures declined in choppy week to week action and $XOP/oil equities lost all gains from the rally that started from the election.
Here’s how last week closed out:
For the week ahead (12/23 - 12/27/24)