Quick Summary:
Indexes consolidate at Friday's gap levels. Took profits today in GPRO and ACCO. Entered X. New focus list stock WYNN. Oil/solar setups pulled back. Focus list stocks near entry levels.
Admin Notes:
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Video Analysis:
Today's Report is in video format with a written summary below (11 minutes).
Video Notes:
The overall game plan is the same as yesterday's report: monitor the indexes for breakout failures. Until then, I will look for longs in individual equites. Oil stocks seem to be bottoming showing strong underlying volume patterns.
Indexes
Today we got little more than consolidation of Friday's gap breakouts. No clues given, just some rest. The indexes are still extremely overbought, at the top of their respective ranges, negative divergences *but* this time around with better underlying action.
For SPY continue to monitor any pullbacks to gap fill or moving average supports for long entry.
We stalk the QQQ breakout to see if it fails and we get the "breakout failure divergence" setup.
Today's Trades
Today I exited $GPRO and $ACCO for nice gains. Both are still on the focus list as pullback trades.
I entered $X as an earnings breakout pullback setup--enter at the bottom, exit at top. Stop is under the 50 dma with target at the top of the breakout bar.
No Breakouts
No new breakouts added to the focus list. We still are keying in on $BWLD and today entered $X as a breakout-pullback.
TTWO,ACHC,RFMD,ACCO,AMED,X,TQNT,AN,TRNX,MSG,RCPT,VDSI,BCOR,CATM,BWLD
Yesterday's breakouts are starting the process of forming ranges, but not at entry levels yet.
Focus List
WYNN added to the focus list. It shows a nice bottoming formation with underlying volume accumulation and remounted the 50 dma. This is at the top of our radar.
From the focus list, $BITA, MBLY, BIDU and YY are closest to entry levels.
SPLK,MNST,NILE,MEG,X,GPRO,GMCR,BABA,MBLY,PANW,BITA,GNC,LULU,LOCO,BIDU,YY
Most of our gas/solar plays pulled back some today and continue to develop as bottoming formations:
HP,RRC,NFX,AR,CSIQ,FSLR,EXXI,LPI
View the video for more detail.
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Analyze Your Swing Trade Results It is important to know these rules if you trade off the Report.
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