It's Time to Pursue Your Wish List of High-Priced Stocks

Words don’t do the current situation justice. If you are scalp trading or swing trading today, volatility will be the name of the game.

So will be uncertainty.

This weekend will likely be a long one, whether you're long, short or on the sidelines. I can’t begin to guess what will transpire between Israel and Iran. While some may try to trade the possible outcomes, my focus will be on finding long-term opportunities that present themselves.

It’s a great day to examine the wish list of stocks you wanted to own, but that ran too high for you to chase. You may have the opportunity to start building positions on Friday or early next week.

Buyers ran to oil, gold and silver on Thursday night. WTI Crude made a run at its January high, just above $80, while gold hit a new all-time high. Gold has found multiple catalysts to support its run higher this year, but it’s hard to imagine the move higher in oil holds once a resolution to the Middle East conflict is reached. Oil is more likely a trade than an investment right here.

Bitcoin, on the other hand, has not been the safe haven many hoped it would be. That’s not a slight at Bitcoin or cryptocurrency in general; however, it's a reminder that crypto is more of a high-beta play on tech stocks.

Before all the news broke after hours, I had planned to examine the technical picture for Coinbase Global COIN. COIN closed on Thursday at the support level of its descending triangle pattern. Unfortunately, it also closed below its 10-day and 21-day exponential moving averages (EMAs).

A close in the red today triggers a breakdown from the descending triangle pattern, and puts the unfilled gap between $215 and $230 in play. Bulls should try to defend $230, but that’s going to be a big ask if the overall market can’t find its footing today. 

At the time of publication, Byrne had no positions in any securities mentioned.