Please finish this quote for me and then we can be friends. I kid, kind of. The more I trade, the more convinced I am that it is Poker’s twin. One of my all time favorite movies is “Rounders”. I won’t even begin to lay down some of the worthy market related quotes that are absolute gems in this movie. But I will slide this one in front of you:
Last week I rebounded in a major way from some less than amazing work the previous week. Less plays and solid plays that I felt I executed well. Those that I missed I would take again because the thesis was worthwhile at the time and my losses were miniscule due to not adding to the losers. It was also an epic week in cryptoland for me, phew….I haven’t discussed that here yet because, while my results have been astounding, I am not convinced it is not more luck than skill on it. Stay tuned, though, as it is fully a trading vehicle I intend to discuss here.
This week’s focus will be on Retail. Numbers report on Tuesday AM prior to open, where the expectation is surprisingly that they will beat. I see nothing to prove that so will be looking for anything that has largely run up to look for short if the numbers come out and disappoint. I will also look for those that are beat up in the event and/or holding recent strong bounces in the event my stronger gut thesis is wrong. Those who have reported in the past week have shown the weakness is still present within the sector, many retailers are just bleeding profitability by continuing to play the ole’ slash prices bit. HD also reports prior to market on Tuesday and WMT Thursday morning pre-open. Both should present opportunities after the results are shaken out by those that will move it them in their next direction. My objective will be to wait for the proper setups.
Have a great week all,