After some turmoil last week, buyers stepped in and risk appetite is shifting back in favor of the bulls.
From speculative tech bouncing big to energy and industrials pushing to new highs, buyers are overwhelming sellers across the board.
When we see momentum surge like this, we want to press the gas — not sit on our hands…. so we were busy today.
First up, Archer-Daniels-Midland $ADM.
The stock has been carving out a textbook bearish-to-bullish reversal.
Price is now pressing against both the VWAP from the all-time highs and the upper bounds of this pattern, making this a logical level to define risk.
The Strazza Indicator is turning higher as well, pointing to a potential expansion in volatility.
I bought the $ADM 3/20 $70 calls for $1.05.
Then we bought more United States Oil Fund LP $USO.
Price is coiling in a tight range right at the upper bounds of a base.
I want to keep leaning into the momentum we’re seeing in energy. And based on the charts, it looks like crude oil has some catching up to do with oil & gas stocks.
I bought the $USO 3/20 $85 calls for $2.88.
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