Enovix / ENVX - A Close Shave
I don't know anything about this corporation, except that one of the services I follow on Twitter was promoting it yesterday saying ENVX is "one of our favorite stocks" and "it's on the move" because something something dealer gamma something something indicators.
Of course, this was yesterday right as it was sitting below making a new high and has since manufactured "resistance" with quite the pullback. It really shows you what following these "services" is worth. They're there to encourage you, somehow, to buy when it's high and sell when it's low, but not the other way around.
Almost like they're some sort of public relations squad masquerading as a technical indicator.
The new high it made happened to be an 8 cent stop sweep on the daily candles.
The problem with indicators and other forms of retail-facing "quant" analysis is they're usually lagging and they usually have you looking where it isn't important, thereby serving as a huge distraction and confusing you.
I also don't care too much about the "fundamentals" of any stock. So long as it hasn't been rug pulled by the market makers because it's on the edge of public bankruptcy, I believe that the truth of all markets is reflected in the price action and reflected in the price action alone.
Right above this pair of August highs is the January 1 high. Since market makers tend to be attracted to the low hanging fruit, like everyone else, it makes more sense that they'd go for it and the $30 big figure before they'd dump beneath the $18 earnings news pump.
I think you get a "close shave" fine scalp going long around $21, so long as you get out over $30, and you have to call it quits under $18.
It is worth noting that at $22, we're still trading at a premium in the local price impulse, so 19.xx might be where it's at.
Although I have mixed feelings about whether it will, and whether I want to see it, break $20 on the way down.
What lies ahead for the overall market is not going to be pretty, but in the interim, several stocks will still have some bull impulses before being entirely drug down by a market that gives one the impression that we're amid the real bubble pop recession crash landing.
If you go for the scalp, keep your risk low and get cash heavy when you get the chance. Today's action on the Indexes is just a prelude of the "chaos" to come.
If you've been getting long at the tops thinking it's time for the New Moon, consider reducing your risk and protect yourself.
Of course, this was yesterday right as it was sitting below making a new high and has since manufactured "resistance" with quite the pullback. It really shows you what following these "services" is worth. They're there to encourage you, somehow, to buy when it's high and sell when it's low, but not the other way around.
Almost like they're some sort of public relations squad masquerading as a technical indicator.
The new high it made happened to be an 8 cent stop sweep on the daily candles.
The problem with indicators and other forms of retail-facing "quant" analysis is they're usually lagging and they usually have you looking where it isn't important, thereby serving as a huge distraction and confusing you.
I also don't care too much about the "fundamentals" of any stock. So long as it hasn't been rug pulled by the market makers because it's on the edge of public bankruptcy, I believe that the truth of all markets is reflected in the price action and reflected in the price action alone.
Right above this pair of August highs is the January 1 high. Since market makers tend to be attracted to the low hanging fruit, like everyone else, it makes more sense that they'd go for it and the $30 big figure before they'd dump beneath the $18 earnings news pump.
I think you get a "close shave" fine scalp going long around $21, so long as you get out over $30, and you have to call it quits under $18.
It is worth noting that at $22, we're still trading at a premium in the local price impulse, so 19.xx might be where it's at.
Although I have mixed feelings about whether it will, and whether I want to see it, break $20 on the way down.
What lies ahead for the overall market is not going to be pretty, but in the interim, several stocks will still have some bull impulses before being entirely drug down by a market that gives one the impression that we're amid the real bubble pop recession crash landing.
If you go for the scalp, keep your risk low and get cash heavy when you get the chance. Today's action on the Indexes is just a prelude of the "chaos" to come.
If you've been getting long at the tops thinking it's time for the New Moon, consider reducing your risk and protect yourself.
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