Tackle Today: Who is Exhibiting Control in the Market?

«An Important Question»

Coach Mark here.

Lots of macro goodies this week and I am very much looking forward to what will be an entertaining podcast with my brother Matt this weekend. Inflationary data, Fed speak, continued earnings…no shortage of tidbits to base an informed and intelligent decision on where the market is moving next.

While I await that conversation, I still have positions to manage and new positions to scout out. I am particularly interested in what areas of the market exhibited control yesterday in what was a violent session. Markets had one of their worst days in a while but in that extreme selling what looked relatively orderly? What patterns look juicy?

Well, we do not have a ton of patterns that are going to look appealing to the non-aggressive trader Bitcoin stood out after Matt analyzed the price action. The intraday chart stabilized long before the market did yesterday and there was nice follow through today. That piqued my interest for sure and I was eyeing credit opportunities based on that. Many of the generals like META continue to exhibit tremendous patterns.

I feel these next few days are one of those stretches where conservative traders like me might take a stab or two on the credit side but generally want to see how the macro landscape plays out in the coming week. Manage my existing positions, look for what seem to be easy opportunities and watch a lot of Netflix in between. The dollar and yields breaking out in an overextended market with questionable valuation does not feel like the recipe for wanting to do more than that.

Have a fantastic Wednesday!

 



Bitcoin (/BTC)

Not a bad look for Bitcoin. Very little volatility yesterday in a volatile day and nice liftoff after.

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