$Amazon.com(AMZN)$ The pullback reached the Daily Blue Box area and set up a strong swing-buying opportunity. Longs were able to move to risk-free positions.
$Broadcom(AVGO)$ NOV20 350C is still actionable. Zone: $335.44 to $340.16 Invalidation: close under $330.80 Objectives: $360, then $380 The math: up 6.6% to the first objective and 12.5% to the second, against 2.1% risk on the invalidation, better than 6 to 1 to the second. Broadcom fell from near $380 early this month to $328.75 last week, held above $330.80 on Tuesday, and closed Wednesday at $337.80, up 1.0%. Sellers pushed hard and the floor stayed put. If that floor keeps holding, the path back toward $360 is ground this stock already covered not long ago. P.S. Watch $341.10 first. That was Tuesday's high, and a close above it would show buyers paying up again.
$NVIDIA(NVDA)$ $Invesco QQQ(QQQ)$ $Micron Technology(MU)$ $Broadcom(AVGO)$ The 10-year bond yield is coming down and crude oil is still up. There's a pullback here that looks like a buying opportunity. I'm watching for lower lows and buying the dip. The bond market is what really needs attention here.
$Amazon.com(AMZN)$ NOV20 270C, still actionable. Zone: $260.50 to $264.20. Invalidation: close under $256. Objectives: $278, then $287. The math: up 6.0% to the first objective and 9.4% to the second, against 2.4% risk on the invalidation, better than 3 to 1 to the second. Think of a heavyweight who took a long rest, then quietly climbed back to the top of his range. That's this swing setup. Amazon jumped about 5% on Monday and held near $262 for two more days instead of giving it back, which means buyers are defending the ground they just took above the 50-day average near $256. Earnings land on October 29, and what that really tests is whether the cloud business can keep growing fast enough to carry all that spending, so holding over $256 i
$Broadcom(AVGO)$ Don't worry about the after-hours action, it's just the settlement period. We should get a clearer picture in the next session. That is, unless Mr. T does something unexpected.
$Broadcom(AVGO)$ Near-term base case is $351–$360 within 2–3 weeks. The Oct 28–29 earnings wave from MSFT/META/GOOGL is the trigger. A strong AI capex week could see AVGO trade back toward $375–$390 before November. AVGO is the most oversold it has been in months. RSI bottomed at 34.76 on Oct 16 and is now recovering. Price is above the lower Bollinger Band at $327. The high-volume fear days, including 29.8M shares on Oct 16, are behind us. The stock looks like it's stabilizing.
$Amazon.com(AMZN)$ If price clears yesterday's high, the move to 268-273 in the next few days looks likely. There was a solid chance of clearing it today. Yesterday was a theta burn inside day, then stops below that low got run today, along with 260 as a psychological level. You really want to see strength show up now and push price over those highs, otherwise the move might take some time. Below today's low opens up a move back to 250 to retest the lows.