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Double Top for Chip Stocks? DIS, BABA, WYNN, PYPL Earnings, My Sector View and Morning Hit List!

by | Feb 7, 2024

Markets don’t appear particularly bullish and one of the things I look at in times like this is the number of stocks making 90-day breakouts and breakdowns…

And the stocks breaking out versus breaking down is 150-9. This tells me things are getting “toppy” and that we need to see more downside pressure. 

The market needs a rhythm in order to start making new highs, and the rhythm right now is out of whack and likely to soon revert lower. 

Markets will open flat or close to it, and here’s a little pro tip…

If you’re looking to go long, that’s harder to do when markets open higher. If you’re looking to go short, you want the market to go higher. 

If either of these things happens, it’s a higher-probability trading environment. 

You probably know that chip stocks have been absolutely on fire, but has a double top formed in the sector ETF (SMH)? This is making me nervous…

I’ll cover all that and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. Get My No. 1 Stock for 2024… and more!

At 1 p.m. Eastern today, I’ll share my No. 1 stock for 2024 during a live event for my Trading Pit!

We just crossed the 100-win line on Tuesday, and we did it in under three months with a win rate better than 95%!

While I can never promise future gains or against losses, I feel like we’re just getting started…

Want in on the day and swing trading action, powered by the most advanced trading software I’ve ever developed? 

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*Stated results are from hypothetical options applied to real published trades from 10/30/23 – 2/2/23. The result was a 95.1% win rate, an average return of 13.7% including winners and losers and average hold time of less than 24 hours. Performance is not indicative of future results. Trade at your own risk and never risk more than you can afford to lose.


WRITTEN BY<br>Roger Scott

Roger Scott

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