Quick Summary:
Looking for SPY to break key levels. �Video analysis of 20 focus list stocks, with annotations of 6 to key in on: BIDU, MNST, Z, VEEV, VRNS and GWPH. On Friday entered GWPH and still holding SPXU.
Video Analysis:
Analysis of 20 Focus List stocks to start the week, all in 5 minutes.
Key SPY Pivot Levels:�Old high 199, �50 dam 196.61, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
With any sign of weakness being bought, SPY continues to consolidate overbought conditions rather than pullback. �We continue to watch for a pullback and breakout of both the $200 (round number) and $199 (old high). �If that happens, a pullback to the 50 dma will be in play.
The current game plan is to manage the SPY short position. �I continue to look for long setups on momo stocks, but will not chase. Biotech continues to be the sector of interest. Oil/gas is also picking up.
Current Trades
I am still holding SPY short via SPXU.
On friday I entered focus list stock GWPH on pullback to the 50 dma. �The setup is still available. Stop is in the $87-88 range, target $100 (breakout gap) or $110 (high).
The�Trade Results Journal/Spreadsheet
The Focus List
Finviz link�to�easily follow the entire focus list.
There are 20 stocks of interest from my watch list �to start the week. �Today's video goes over all of them. �Below are a few to key in on.
BIDU is at the bottom of it's post earnings breakout range. �Entry in the $210-212 range. �Target $225-230. �Stop $204-205 gives a minimum 3:1 reward to risk ratio.
MNST forming a "rounded" pullback post breakout similar to our recent TWTR trade. �Entry in the $86-87 range. �Target $95. �Stop under $85.
VEEV broke out strong over a 2 month long range on very strong volume. �Entry on pullback to either the 2oo day moving average or the bottom of the breakout bar. �See video for 1/2 position strategy.
VRNS showing accumulation within a bottoming formation and has remounted the 50 dma. � Entry on pullback here or deeper pullback to bottom of breakout bar. �See video for 1/2 position strategy.
Z continues to digest the huge breakout and is pulling back to the rising moving average. �Entry in the $139-141 range. �Stop around $135 and target at $160 offers great reward to risk.
Short Setups:
My focus now is shorting SPY via SPXU
Market Leaders
TSLA broke out to new highs. �It is one to watch. �Z is setting up as a pullback play. �AMZN continues to work at filling the gap at $360. �NFLX bounced right at pullback to old high. �All four can be considered focus list stocks.
Please read the post�23 Laws of the Part Time Swing Trading the Market Speculator Way�and�How to Anayze Your Swing Trade Results� It is important to know these rules if you trade off the Report.
New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter (twitter.com/PaulJSingh).
