Qullamaggie Stream Notes: 22 May 2023
A quiet day, though with an important lesson from the charts
Kristjan’s positions
AI
APLD
CVNA
IMGN
LI
PLTR
SOUN
Sold $SHOP (to pay tax) and $FTCH (stopped out).
No new positions since the previous stream or during this stream.
Kristjan’s watchlist
GSIT
MNDY
MNK (removed within the first minute of the market open)
Today’s market thoughts
This was quite a short stream, with not much happening in the market on this day (Monday 22 May 2023), including a pretty muted open.
However, Kristjan mentioned that there are some micro-cap EPs that look interesting. He also remarked that biotechs, semiconductors and software are acting really strong.
Charts
$ARKK is in a big base, getting tight:
$KRYS had an EP on 22 May 2023 on news — it received FDA approval for its skin disorder gene therapy — with some nice follow-through on the day of the stream (and beyond):
$APLD — great EP, with enormous volume in a hot theme (exactly what you want to see!), on 16 May 2023. The market reacted to news: $APLD signed its first major customer for its latest AI cloud service.
$IRON was a good-looking breakout/HTF setup, if you got it early in the day — it had a nice move up, tight action the market day before the stream, then broke out of its range on the day of the stream (although the breakout has since failed):
$PRTA was a nice-looking HTF on the day of the stream, but a better time to buy was on 3 May 2023, when it had a good EP. (Note that the HTF setup has since failed — in fact, it never broke out — though at the time of writing the EP is still working.)
What I’ve learned from this
From the above charts, particularly with the benefit of more data from the days after the stream, what’s the key lesson for me? Even a good-looking breakout/HTF setup will likely fail in the current environment, whereas EPs have been working well.
My conclusion? Select your trades and position size accordingly!
Of course, that’s just my big takeaway from this stream. If yours is different, please share it in the comments below. I’d also love to hear your feedback on my notes, both good and bad — we’re all here to learn and improve!
More stream notes
The notes from Tuesday’s 23 May 2023 stream are much more extensive, as that was a much longer stream, and includes Kristjan’s list of AI and quantum computing stocks as well as a lot of good EP examples.
All my Qullamaggie notes are available here.
More about Qullamaggie
To learn more about Kristjan Kullamägi, aka Qullamaggie, and the way he trades, visit qullamaggie.com.
All past streams are available on Kristjan’s YouTube channel.