SPX/QQQ
May is almost over and with this one of the strongest months for the $QQQ sector; June is certainly a month when technology companies under perform and not all holdings recover well during July, some companies like $MSFT or $CSCO tend to outperform or track pretty well the performance of $QQQ/$XLK for July, so those companies should be on your buy list if we see the expected weakness into June.
$AMD and $TSLA tend to do well during June, but we would put our money on $AMD rather than on $TSLA.
Part of the Seeking Options Strategies, we have long term trade system used to the comes and goes of the markets, so pullbacks like today, when market is down .80% at 2699 certainly don’t affect our perspectives, especially when we anticipated this retrace and we did advise you to buy long term calls and only to add solid companies to your portfolios. So again if you followed recommendations and you allocated capital on solid companies you should be doing well and by this time your collateral should be helping you.
We did recommend $SOXL components, like $MU, $INTC and $NVDA, and we still would expect $NVDA catches up and provide us the 270 conservative target we been talking about; with ideal target at 291.
Coming to $SPX —were we advised you to stay defensive— this morning we came back to the 2690 support on the micro
—we can see the red line— and on the medium term ABC
same support at 2690 area with ideal target at 2757 and if for a reason breaks above 2757 ideally will hit 2820.
The $QQQ, have serious pressure to the downside on many time frames, but two setups still point to 174/177, Medium term support for QQQ is 164.
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