sweetandsour wrote: ↑26 Jan 2023, 17:53
One of my buddies was telling me 2 weeks ago to buy NVDA while it was at ~150, but I've had just too much going on, including a tornado Tuesday afternoon. (We got power back on at ~midnight last night.) But meanwhile NVDA is now at 199. I wish I could have bought some Chevron during the after hours, I've applied to Fidelity to be allowed to do that, since many companies now make their announcements after hours it seems. Not many companies buying back their own stock these days; I may buy some Chevron at the new price anyway.
Big companies always announce earnings when the market is closed. Either an hour before market opens or an hour after trading closes. About half of each.
Chevron and Exxon are both scheduled for morning announcements.
Chevron is selling off big today, establishing support within its regular trading range. The trend is still UP, so if you want to grab some just to hold on and be patient, then today is a good opportunity. Dividend rate is about 3.4%. Pretty much same rate as XLE.
XLE also gave back some from yesterday. Establishing a new support range above the old resistance at 91. I continue to be very pleased with my long positions in XLE.
I will defer to your buddies on NVDA and tech stocks. I traded some NVDA with you back in May -- I even made $1400. But I also learned that this style doesn't suit me well. It works, but not for me.
It looks like SPY is breaking out of a classic cup-&-handle. Looks like it's on its way to test 410 ahead of the Fed rate announcement. Likely to form another handle and keep going up as earnings season progresses.
RUT (Russell 2000) is a mid-cap index of the next 2000 companies after the top 500. I do most of my weekly condors on RUT. This index also broke out of a cup-&-handle yesterday. It is currently testing a level of resistance set way back in August.
I expect the market will experience a pull-back on Wednesday with the Fed rate. A lot of the market still has to learn that this Fed board is not going to return to a policy of easy money for a very, very long time.
Then I expect a steady, worried march upward as the market digests new earnings data. We'll see where it settles by late February.
I like this market environment. Excessive exuberance is fun to watch, but the correction is painful (see 2022). Most of our retirement growth is accomplished by "climbing the wall of worry."
And this is a great environment for iron condors. I started Jan 1 with $55k in my trading account. I am already at $65k. It's great to have some profits built up before I hit those inevitable "expense trades."