Technical Analysis for AMD 2/21------Pre-Market
So interesting, AMD is like a bearish market tracker at the moment. You can take a look at AMD at any given morning and kinda get a sense of where the Qs are headed bc we are completely not trading on any specific unique basis. We go up with the market and go down with the market. Jesus definitely has the wheel on this one. Just while the Qs are throwing out new ATH's AMD is coming off of a 52 week low soooo yay us.
Our chart looks like AMD is trying to trade sideways out of this downward channel which isn't the breakout that we are looking for buttttttttt could be signaling that the bottom is in as long as the macro conditions hold up. We still have very very bearish 50 day and 200 day EMAs which are continuing to guide down and will act as resistance going forward and our volume is anemic and dwindling which I think is sort of echoing that our stock is left for dead while earnings season is going on. I think the entire world is sitting here waiting for NVDA's earnings and then to be followed up by AVGO. If you are not them then the rest of the world could care less.
The stock is still bearish and looks like it is ready to roll over to me. I'm going to sell some credit call spreads to fund some put purchases and create a little bit of a collar and see what happens with AMD I think.
RDDT: Everyone's favorite social media post and pretty much the only thing that is left after X, FB, and everything else turning into this hellscape of kissass. I have been wanting to get into reddit for some time and its been on a WILD WILD ride. I feel like we deserved a little bit of the IPO but I stupidly changed my screen name to get off of the Redskins train and over to the Commanders right before anything was announced. I'm not saying that anything I contribute here was worthy of being able to buy into the IPO butttttttttttt a guy can dream right lol????
So Reddits biggest thing is it has become like the default answer for google searches. Anyone else notice that google is almost always listing reddit results as the first options?? It's like we are the definitive answer place on the internet these days. I wonder if that has to do with the fact that Reddit is allowing these LLMs to train on its data and posts. So does the LLM's think that Reddit is pretty much the truth arbiter??? As more of these search engine giants rely on AI super charged search functions that does mean that in turn means Search will continue to be dominated by Reddit as well??? What is truth??? Try asking Deepseek about Tiananmen Square.
I have no idea about any of these answers but it sticks with my overall theme of owning things that I use. I just wasn't sure I could get behind Reddit's valuation. But I said that at $120. Then I thought it at $140. Then I thought it at $180 and it just set an ATH at $230 so clearly I'm an idiot and don't know what I'm talking about. I think the opportunity for Reddit to monetize itself is even more present and I am concerned about their ability to keep bots from farming likes and ensuring that content remains user generated above all else. That is the biggest problem with things like LinkedIn, FB, and X. It's just bots posting content, talking to bots, and interacting off of other bots comments. It's like the worst case hellscape for all of the horrible things AI could be for us. Will reddit be the next domino to fall there? Or will it find a way to keep the barbarians at the gates???
It broke through the 50 day EMA yesterday in a big dramatic selloff and that finally triggered my interest. I don't think we are going to get a gap fill all the way down to $80 but I would be interested in picking this up if that support zone of $160 fails which could coincide with a bottoming out of RSI.