Good morning, Penny Hawks!
First and foremost, it’s my broadcaster Brandon’s birthday, so I’m going to keep today’s Penny Hawk eletter short and sweet, because we have a lot to celebrate when I’m LIVE at 9:30 a.m. ET for our daily Long & Short of It installment!
Here’s exclusive footage of Brandon getting ready for today’s show:
Not only do we have Brandon’s birthday to celebrate, we have a LOT to discuss after last night’s State of the Union address, so I hope to see you right here at the opening bell.
Stocks got destroyed again on Tuesday, once again falling victim to the Week 9 blues.
On the other hand, my Penny Nation members just saw their Teucrium Wheat Fund (WEAT) positions up 12% in one day! I’ll give an update on WEAT – and we’ll talk about another new, red-hot trade idea – when I go behind the velvet rope in my exclusive Penny Nation room at 10:30 a.m. ET.
I’ll also go over one of my all-time favorite indicators, and what it will need to show us to indicate we’re finally out of the woods. (Spoiler alert: We’re not there yet – hold on to your Bear Market Survival Guides.)
Earlier this week, in fact, I discussed the Invesco QQQ Trust (QQQ) and how options open interest points to short-term speed bumps on the charts…
And last night I stumbled on further evidence that we’re reaching critical mass: Nearly half of the 100 stocks that make up the Nasdaq-100 Index (NDX) – the basis for the QQQ – are trading below their respective 20-month moving averages!
To an Average Joe this may sound unimportant, but I’ve been doing this for more than 20 years now, and trust me when I say it is not. For context – just under a month ago (on Feb. 10), only 40 of the 100 NDX stocks were trading in a technical bear market; now it stands at 49.
And speaking of tech stocks… we’ll dive into a couple notable names at 9:30 a.m. ET today, including Advanced Micro Devices (AMD), which is throwing up a red flag of its own.
Of course, we’ll also run through what’s new and dangerous on my daily lineup of low-priced options:
So hop in the room at 9:30 a.m. ET, and then I’ll see my Penny Nation family at 10:30, when I’ll drop some actionable trade ideas and celebrate our WEAT win (and Brandon’s birthday, I guess).
See you there!
March 02 2022