Hey there, fellow traders and financial aficionados! It's Meta Matt here to decode the mysterious musings of our veteran analyst Lee and his stock market analysis. Grab your popcorn and put on your thinking caps – we're diving deep into Lee's Third Week of August update! 🎩📈
DIA - Dow Jones ETF: Two Ways To Play This One 🤔
Alright, folks, let's kick things off with the grand Dow Jones ETF, also known as DIA. Lee's got his eye on this one, and now so do we! The chart has support at $350 and resistance at $356. Lee's got two ways to play it:
Bullish Trade Idea:
- If DIA is feeling fancy and prances above $354, we're hitching a ride!
- 🚀 Target: The glorious $356 by end of Trading Week
- 🛑 Stop Loss: In case DIA gets cold feet, he is setting it just below $353.
Bearish Trade Idea:
- But wait, there's more! If DIA plays coy and slips under $353, let's get bearish.
- 🐻 Target: $350.
- 🛑 Stop Loss: Keep it above $354, 'cause we ain't falling for no tricks!
$BMY – Institutional Ownership Galore? 🤑
The Trade idea for this one is Overall Bullish Direction after needed Pullback. Last week in the discord Lee talked about this level needing to hold for a potential reversal, and it did!! It closed out the week positive and holding $60 was vital. Institutional Ownership is 79%!!!
Lee's Play of the Week:
- We're going all-in between the magical $55-$60 range.
- 🚀 Target: Stratospheric heights of $67-$75.
Healthcare ETF – LABU: In the Lab of Ups and Downs! 🏥
Next up, the ETF that sounds like a mad scientist's creation – LABU! It's got 100% healthcare juice in its veins, and Lee's on the lookout for some potion that'll make it bounce back from the oversold pit. Support's at $4.25 and $4.10, and resistance's at $5.35 and $5.90. Let's concoct some trading strategies, shall we? Long term Lee is bullish.
Option 1: Up, Up, and Away!
- If LABU breaks free above $5.35, it's time to soar!
- 🚀 Target: A majestic flight to the high $5s and maybe even $6s.
- 🛑 Safety Net: Keep it just under your entry point.
Option 2: Testing the Waters
- Or, how 'bout we wait for LABU to dip its toes at $4.30? That would be an entry
- 🚀 Target: The sky's the limit after that, starting at $5.35.
And That's a Wrap! 🎬
Well, there you have it, ladies and gents! Lee's given us a buffet of trade ideas, and I've thrown in my two cents – which might just be worth as much as those WallStreetBets memes. Remember, trading's like life: it's a rollercoaster, full of highs, lows, and enough stress to make your grandma's knitting needles twitch. Do your own research, set your stop losses, and as always, trade responsibly.
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