BY ANDREW GIOVINAZZI
February 27, 2024
Yo Pit Crazies,
The Trade Zone closes soon due to demand and the class filling up. Get in while the getting is good.
You know it is a slow newsday when Palo Alto Networks Inc (Ticker: PANW) dominates the news after Rep Nancy Pelosi buys calls in 2025 in the cyber security firm. The little run to all time highs last week and the brush with 5100 SPX got traders buying stocks like rabid dogs. Today traders were happier jumping on the perfect Pelosi train.
3 month chart in PANW
Apple Inc (Ticker: AAPL) continues to trade poorly. With stocks at an all time high AAPL is 10% off of its all time highs. AI got tossed a monkey wrench when the Google Gemini product produced results that did not pass Fintwit muster. It seems AI 1.0 is no better than the folks who program it. That pulled the whole sector down. It is a reminder that poor management could mess up the AI revolution in the short term.
Bitcoin is getting love to make a new run to all time highs and beyond. Coinbase Inc (Ticker: COIN)
Apple Inc (Ticker: AAPL) continues to trade poorly. With stocks at an all time high AAPL is 10% off of its all time highs. AI got tossed a monkey wrench when the Google Gemini product produced results that did not pass Fintwit muster. It seems AI 1.0 is no better than the folks who program it. That pulled the whole sector down. It is a reminder that poor management could mess up the AI revolution in the short term.
Bitcoin is getting love to make a new run to all time highs and beyond. Coinbase Inc (Ticker: COIN)
For whatever reason, now that stocks have tasted 5100, some hot money is going to Bitcoin related assets. Mega Cap Tech is getting wrecked save Tesla Inc (Ticker: TSLA) which helped a bit Monday.
Let’s look at some ideas.
Bitcoin is on a streaky bender
In a hot market on a slow day, news that moves the needle really gets stocks going that have a passing connection to the news. Bitcoin is running to all-time highs at this point. Stocks like RobinHood Market Inc (Ticker: HOOD) Block Inc (Ticker: SQ) and Tesla Inc (Ticker: TSLA) are all associated with Bitcoin and the news reading algos do remember those types of things.
HOOD is very near making a 2 year high, which is in break out territory.
I am long HOOD strangles in the Easy Button going well, SQ calls from a Pro Chat Trade idea not going well and TSLA call butterflies going well from the Friday OP Live sessions I do with Mark and Licia.
Sign up for those here if you want actionable ideas on a Friday morning pre open on the Tradier Hub:
Mark, Licia and Andrew are streaming live every Friday on the Option Pit YouTube channel.
And sign up for a free Tradier Hub account for tons of exclusive content.
In the AI cycle, there are other narratives that can jump in everyone once in a while and hungry traders can ride that horse too.
To Your Trading Success,
-AG
Andrew Giovinazzi
30-Year Trading Pro
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CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
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