Top Pick Performance
Under our Red Alert yesterday, short QQQ (a top pick of the day) dropped 1.64%, nearly hitting our $700 target (in fact it hit $700 at 9:45pm EST last night). AAPL and other Mag-5 stocks, per our Morning Note, performed well, but was not our focus. Short QQQ was essentially the only bright spot in an otherwise very poor breadth day.
*This newsletter does not constitute investment advice. Past performance is not indicative of future results. StoryTrading contributors may buy, sell, or liquidate positions discussed at any time without notice. See storytrading.com/disclaimer for important disclosures. Our exclusive Discord Edition is delivered to Discord members before 7:00 AM ET every trading day.
Macro Discussion
Our red alert continues this morning. While Netflix did miss on their earnings last night, this is a very simple analysis which doesn’t require much discussion.
The current move is all about momentum, technicals, margin calls, and fear.
The next support on QQQ is $685.
Today’s Signal: 🔴
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