Quick Summary:
Indexes make highs but stocks do not confirm. Today's entry FOSL. Holding BITA through earnings. Focus list for Friday GMCR,LULU,TSLA,COUP,CYBR, TQNT, TTWO
Admin Notes:
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Video
Indexes amd Game Plan
SPY made new high but closed with a doji candle which marks indecision. Not many breakouts and lots of red in the momentum focus list which does not confirm the market high.
For QQQ we continue to watch and see if the old high fails.
Resilient overbought markets are tough to play because they can pullback at any time, momentum wanes and less and less stocks participate with the market. However, shorting these markets are riskly. Thus it's best to be in cash and wait for the right time, or make selective trades managing risk and position size closely. Most of our momentum stocks pulled back today. I am using a very selective strategy, and will not look to push any trades. I am perfectly fine in cash right now, though I am willing to take some stabs here and there.
Today's Trades
Stopped out of YY. This is a good example of what it's like to trade earnings. The initial after market reaction to strong earnings was positive, however the next two days it tanks for no apparent reason. This is why I had a 1/4 size position.
BITA holding through earnings. This is a gamble. There is rarely an edge trading earnings. If the stock gaps down, I will watch the opening range and get out if that range breaks.
Today's entry is FOSL. It made our focus list yesterday on a gap breakout due to earnings and pulled back to the bottom of the breakout bar today.
Breakouts
No new breakouts added today. I am keeping a close eye on high tight flag setups TQNT and TTWO (see video).
TTWO, CALD, COUP ACHC,RFMD,ACCO,AMED,X,TQNT,AN,TRNX,MSG,RCPT,VDSI,BCOR,CATM,BWLD
Focus List
Lots of pullbacks today. GMCR, TSLA, COUP, CYBR and LULU are the five I am watching most closely (see video for setups)
We continue to monitor oil/gas, but no entry at the moment:
HP,RRC,NFX,AR,CSIQ,FSLR,EXXI,LPI
Please read the Education Archive and posts 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 setups and rules if you trade off the Report.
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