Like to thank Tiger for awarding the weekly top predictions for TSLA & QQQ last week. Letโs get ready for more action after the recent record breaking of all time highs like SPY, QQQ, META, NVDA. Can we see BTC next in line pending the halving of bitcoin event in April? ๐
The Nasdaq 100, as tracked by the Invesco QQQ Trust (NASDAQ:QQQ), soared past the 18,300 mark to achieve an unprecedented high. The S&P 500, as monitored through the SPDR S&P 500 ETF Trust (NYSE:SPY), surged above 5,100 points, also hitting record highs.
Breaking bullish flag pattern
The Federal Reserveโs preferred measure of inflation, the Personal Consumption Expenditure price index, fell as expected in January, allaying fears of a fresh acceleration.
The majority of S&P 500 companies reported their quarterly results: 73% exceeded earnings-per-share expectations and 64% beat revenue projections.
From data gathered going back to 1950, if the first 2 months of the year achieved positive gains, the next 10 months coming in green has a 92.9% probability with an average gain of 12.2%. Something worth to add into position during pullbacks in the weeks ahead!
Bullish for the rest of 2024?
Bitcoin (CRYPTO: BTC) once again captured the marketโs spotlight by surpassing $60,000, marking its strongest performing week since March 2023.
Bitcoin ETFs saw record inflows of $676.8 million in a day, driven by top funds like iShares Bitcoin Trust (NYSE:IBIT) Morgan Stanley considers joining the trend, highlighting Bitcoinโs growing acceptance and investor confidence in the cryptocurrency market.
With its next halving event set for April 2024, where it is projected to hit an unprecedented value of $70,000-- predicted by Toobit (a leading crypto exchange), Bitcoin's price could see dramatic increases that showcase both how we are embracing its' technology as well as the evolving market dynamics.
Various reputable investment firms have provided estimates of BTCโs future performance. Standard Chartered suggests a price target of around $150,000 by mid-2025, while Cathie Wood mentions the possibility of prices reaching $500,000 by 2030. It is important to note that these are just estimates, and nobody can accurately predict the future.
Weekly options trades summary
If youโre keen to find out my journey in options trading through the ups and downs, do refer to my post yesterday. It entails some really useful tips and tricks to navigate the complexity of human emotions in trading options before leading one towards the light at the end of the tunnel.
With such knowledge and understanding, I started trading MES and MNQ futures using the Tiger app in February for the first time. To my surprise, it was a rewarding experience because of the way futures market is structured as compared to trading options:
Pros in trading futures
- Opens 23 hours a day, 6 days a week
- No time decay, purely price action
- Each point in MES gets $5, MNQ offers $2 per point but moves so much faster
- Moves slower after US trading hours allowing better trade management: trigger alerts to enter a trade, move stops to protect capital, add profit taking targets to maximise gains by scaling out in parts
Cons in futures trading
- Over trading since easily available
- Moves usually happen during active trading hours
- Requires high margin for holding overnight contracts: about $1.3k for MES, $1.9k for MNQ per contract
- Higher commission charges: $1.50 per trip, per contract
60 green trades achieved In February ๐ฅณ
I intend to size up a little in March to see my gain in dollar value. If youโre keen to find out more about trading futures that mirror index funds: MES/ES = S&P 500 and MNQ/NQ = QQQ, feel free to drop me a message so I can share my 29 days worth of limited futures trading experiences with you.
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