Video: https://youtu.be/4AWiaZFkc8EMentorship Session Recording (October Meltdown): https://blog.bullsonwallstreet.com/swingmentorshipThe market spent the first day of the week holding the 9ema, a level we continue to watch closely. QQQ is in danger of breaking this level as tech put in a red day, while IWM shows strength. Sectors that were green include financials, homebuilders, energy and retail. I am adding NAIL to the focus list (homebuilder leveraged ETF) since it's showing strong volume characteristics as it bounces that other sectors are not. Focus list stocks NFLX and X showed strength yesterday.Earnings season has been bad. I continue to mentor earnings reactions. Also, now that all FAANG stocks have reported with poor reactions, I am watching for signs that they reverse.We remain cautious. I have exited all shorts and have only one low risk long (LULU). Depending on how we close today I might add one low risk position.I ran a scan of top performing stocks in October which I will continue to track: HRL, PZZA, MDB, CMG, WMT, CIEN, CROX, SBUX, PBR, TWTR, NEO, PLCE, DECK, SAVE, JWN, BURLRemember strong bounces are common in corrective markets. They only signal a potential shift in trend if they take out key resistance levels coupled with strong market breadth signals. Today we might have the first clearance, but for now we still look at this as a temporary oversold bounce and not a trend shift.*While I am bearish and expect more downside, the market can change on a dime. We really don't know what's going to happen. Also keep in mind that within corrective markets we often see powerful bounces. Trade small, don't get too aggressive and stay in protection mode.Focus List: TNA, TQQQ, SPXL, FANG stocks, WYNN, SNAP, NAIL, BRZU, IRBT, SINA, YINN, BIDU, FCX, SYNA, AYX, UAL, X, ULTA, SBUX, SOXL, LABU, TWTR,Relative strength list: MCD, ULTA, ORLY, LULU, SBUX, BURL, WMT. KSS, CROX, TJX, TEAM, BKE, TWTR, CYBR, PAYC, UA, OLED, TUP, IRBT, ILMN, ISRG, CYBR, AYXCurrent Positions: Still holding LULUToday's video:
Please read the Education Archive and posts 23 Laws of the Part Time Swing Trading the Market Speculator Wayhttps://blog.bullsonwallstreet.com/23-laws-part-time-swing-trading-market-speculator-way/How To Use Swing Dashboard: https://blog.bullsonwallstreet.com/how-to-use-the-new-swing-trader-dashboard/Chat With Traders Interview: http://chatwithtraders.com/ep-058-paul-singh/29 Essential Trading Posts: https://blog.bullsonwallstreet.com/29-essential-swing-trading-posts-2016/New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter(www.twitter.com/PaulJSingh)
