End of Week Update: 06/17/22
Two moves this week:

Entered $NIO short sells at $18.66 and $NIO March 2023 15p for $2.70.
I also bought to cover my $QQQ 280p for June 24th at $5.00 for a small loss.

Why did I enter $NIO?

It had a 20% 2 day run that I thought was too hard too fast, but it ultimately has continued to move higher from there. This is a play I intend to hold through the end of the year with targets at its gaps at $9.45, $8.08, and $4.72. While I am down on this position currently, I have plenty of time as it is forming a rising wedge here currently.

Why did I buy to cover $QQQ?

The chart got a nice move back into the gap up to $285 which lined up with the 9ema on the daily. This has walked priced down consistently, so I bought to cover it in case it acted as resistance again. I did not want to get exercised, so I took a small $100 loss on this play.

Overall not a great week for me personally, but if $NIO can break down as expected through end of year - I will be in a great spot heading into 2023.


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