My TQQQ CALLS (PART 2)

Last Update: 9/15/2019 

(follow @2kaykim for the future updates)

8/20/2019

I decided to add CALLS on TQQQ at 61.52 in the middle of the day today.

Here are the few things I am looking for:

• It would favor the bulls’ momentum if we can keep the island gap open (partially closed towards end of the day today)
• If the gap does get filled, it will act as support and we may see a strong bounce after that
• I would like to avoid a gap down from here to defend possible island-top reversal

I am planning on riding my CALLS to well-above ATH level, and I think we are right at that juncture before the next leg run.  Let’s see how it plays out this week.

TIME-STAMPED

• ENTRY: 52.39, 61.52

9/4/2019

Since my last update (above), it’s been just chopping and consolidating as you can see in the chart below.  Generally speaking, especially for the indices, consolidating after a decline favors the bullish case if it is happening in the intermediate-term bullish trend (which, we are, since the Dec lows).  I think the market is preparing for a breakout here, upon breaking out, we will probably get to the ATH level pretty quickly.  63 is the level to overcome for the first stage of breaking out.  I will keep an eye on it and update you when it happens.  As of today, I am holding all of my CALLS.

TIME-STAMPED

• ENTRY: 52.39, 61.52

9/5/2019

Wanted to do a follow-up update today as the market gaps up above the key resistance level with the sizable gap-up.  At this point, it’s pretty straight forward, can the market protect the gap area  (from this morning) in the next several trading sessions.  If we can do that, I believe market is going for the new ATH print. If the price slides and retests the gap-up level 63-62ish in the coming days, we want to see how it reacts to that level.  As of today, I am holding full positions.  More updates later.

TIME-STAMPED

• ENTRY: 52.39, 61.52

9/15/2019

Since my last update, bulls have defended the breakout level (see blue arrows) — old resistance became a new support.  After that, we had few days rally, and now we are seeing a short-term pullback here.  I think the market is poise to continue to move higher as I’ve explained on my weekend video.  My next target is 70-73 on TQQQ, and once we breakout of 73-level, TQQQ is capable of running to 90s–that’s 40% up-move from here.  Let’s see if we can bounce from here this coming week.  I am holding all of my CALLS since 52.39 and 61.52.  More updates later.

TIME-STAMPED

• ENTRY: 52.39, 61.52

Traders Club 2019 Special Invitation Promo Ends Tonight