IWM uptrend intact

I think the dip is a gift

Jason Bond
January 03, 2024

Good morning,

A SPECIAL INVITE to join Jeff Bishop @2pm EST TODAY as he shares his top selling options ideas for 2024 → MarketMasters Room. Be there!

Big drop in the IWM this morning.

But overall it’s not even at the Keltner Channel mean yet, which is around $195.

So day 1 and 2 of 2024 are off to a red start.

But it doesn’t concern me at all.

I expect the overall trend to be up as interest rates come down in 2024.

So why the drop? December melted higher, probably window dressing.

Let’s watch $195, if the IWM holds around there, my thesis would be intact.

Bitcoin finally cracked and COIN fell $42 off the high like I expected. I had the January 19 $150 puts, which I took a loss on and can’t help but think I should have been more patient.

Into Wednesday I’m in long-term LQMT.

I didn’t enter any new trades Tuesday, to start the New Year, for obvious reasons.

This morning I’m inclined to sit tight again and monitor that $195 area on the IWM.

I’d like to start swinging a few January Effect trades. Stocks like PRPL and SIEN, which are in the gutter right now.

On the momentum scanner I’m watching NEXI around $7 for a rip to $10 and SIDU fibonacci retracement above $10 for a rip to $15-$20.

Join us in chat for more low priced momentum stock and options conversation.

And remember, today’s the FINAL day to get grandfathered in RagingBull Elite Pro at our lowest price ever. Just $1299 gets you a full year of our top 8 services. Click here to see the details.

Jay

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