I have been dancing around looking at Shopify for a week or so, waiting for a chance to pull the trigger on some puts. The 67-68 area was my target area and it got there on Monday. The stock has been unusually strong…. many consecutive up days… but this area as shown in the attached chart has been significant in the past, and stocks very largely honor these areas at least for a little bit of time. So look to get short in the area and we’ll see what kind of rejection we get, or if indeed we get a rejection. Covered my LVS for a 60% gain on the put options. Still short ARKK and in a bit of profit. Stalking DKING and UBER as other short candidates. Probably the banks have seen the highs and TLT has seen the lows. Two themes I hope to trade in the coming weeks. 

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In terms of the broad market as the SPY and QQQ make new highs we have 6 month lows in the (# new high – #new low) differential, a great indication that being in the right stock long or short, is a LOT more important than the general direction of the market averages. Don’t short the stuff making new highs or close to new highs. Other than that I think there are more opportunities with less risk short than long.