That’s what I’m talking about. I’m not great with charting however if we are going down the drink maybe we retrace June lows. Many here are better on the TA side so ask that they help jump in
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So just wanted to see what the chart might say in regard to MA’s. The 50 and 200 looking primed to throw a golden cross maybe on Tuesday/Wednesday??
The 9 and 21 just threw a death cross but the 9 isn’t dropping too steeply. Maybe some sideways/downward action in stock price until Thursday/Friday and then an ascent in stock price over the 50 and 200 confirming the Golden Cross next week Monday? I’m definitely joining you guys on this one.
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It seems to be heavily SPY correlated at the moment. But I also remember profiting well from the runup last November. So I thought I would look back at the last few earnings cycles and see if/when it diverged:
-Q4 2021 (Sep) and Q1 2022 (Dec) it was just on a bullish trend throughout each quarter.
-Q2 2022 (Mar) it broke bullish about one week prior to ER.
-Q3 2022 (May) it plunged 2 weeks prior to ER thanks to a TGT miss. But then it seemed to quickly get back in line with SPY.
Here is a comparison on the 1h for the last four-ish quarters.
Here is a zoomed in 1h for the most recent quarter.
So what am I trying to say? I guess that I think it’s too vulnerable to macro events / news at the moment for me to pick a direction. Maybe we see a trend form 1-2 weeks out, though, which is why it’s great that we’re talking about it now!
For what it’s worth, in my area (Kansas) it seems like COST has been better at keeping meat prices stable compared to the local grocery chains. We’re buying more protein at COST and more groceries in general than before.
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The Costco by me is always packed and I truly believe a lot of families keep more stock (if they can) as a result of the pandemic, ours included. We never used to have extra cans/dry food stored but now we have a 4’x6’ shelf in the basement that gets restocked from Costco about once a month.
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Just wanted to update, Costco threw up a Golden Cross on the 50/200 today. Maybe we can get some sideways movement and get the price to move above the 50/200 in the next few days.
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COST looking another day more bullish. Price above the 50/200 MA post Golden Cross and looking like it’s trying to break out of the upper trend line. Hopefully confirmation tomorrow. What is the plan for COST? @bigglyoptionoligist Are we aiming for some Sept 23 Calls?? Or quicker scalping?
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Here’s my quick TA; It’s gonna try again for $570 and then push to $600 after.
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Hi sorry guys and gals, IRL got the best of me and missed a few entry points based on some of responses and the mention of the golden cross a few days ago. However I’m still stuck on stupid and in bearish mode so trying to be risk cautious with CPI next week. I’m looking at 9/16 exp to strangle this mofo and ease into it. 500p side and 540c. Will double check OI and how market moving in morning. But just going with 1 for now!
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Break above the upper trend line again but not a definitive breakout. Price still above the 50/200 MA so looking good but need a bigger break out to make it official. I may go in tomorrow as well depending on what tomorrows candle looks like.
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COST throwing a more definitive candle up from the upper trend line. I was distracted by some other plays and didn’t get in on Friday. The price is above the 50/200, 13/48 and 9 MA. It is close to breaking above the 21 MA as well.
Post Golden Cross on the 50/200, the 13/48 and 9/21 are both curling up to throw up their own Golden Crosses. With two more Golden Crosses feels like it can really grab some good traction, Monday I’m looking for a spot to jump in with you guys.
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Looks like Monday may be a good entry. Good callout.
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For something to hold and sell in the ER runup, I’m looking at 9/23 550c. How about others? But not sure about entry today or tomorrow; worried about holding over CPI. Will see how today moves…
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Hey guys and gals run up short lived due to Marco if I would have sold my strangle on the call side would have been nice but felt it would play out. The puts side I cut so will be looking to reposition. Looking to find another entry but have to look at levels and the downside may be in the cards. Apologies for any loss, the catalysts outside of ta took this one, for now!
I keep forgetting about COST.
Renewed my membership this week.
Will try to get a 470p for Sept 30.
But first, need to secure some breastmilk.
Quite the Head and Shoulders pattern too…
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Thanks Rexx do appreciate your charting as always!
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COST earnings after hours 22-September. Courtesy of @Ticown
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If anyone takes a page from FedEx this evening trying to get ahead of the future.
August Costco sales reported 8/31 appears a bit bullish.
However regardless of the anticipated swing of ER for Costco we have a few big catalysts that are external that will impact it. First big ol FOMC 9/20-9/21 with press conference in afternoon of 9/21. And second big option expiration for 9/23