Quick Summary:
Continue to watch for pullback in moving average but not looking to trade them. Focus list BABA,CYBR,TSLA,NILE,PTX,GPRO,WLL,WUBA,SOHU. Manage BITA trade. Breakouts TQNT and TTWO
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Video
http://youtu.be/EyunD2iMXaM (13 minutes)
Indexes and Game Plan
While SPY continues to float higher, the rounded formation coupled with stochastics rolling down below the 80 level leads me to believe we will at least get a test of $202. Next up for pullback target/entries are gap fills at $199 and $197.
We are still not looking to trade SPY. The market is too overbought to enter, yet has been too resilient to short. Thus, the game plan remains to look for strong momentum stocks for entry.
For QQQ we continue to watch and see if the old high fails.
Today's Trades
I continue to hold $BITA going into the week. While it could pullback, I am still looking at on eventual test of $100. This number acts as a magnet once stocks get into the $85-90 range.
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
The overall focus list going into the list: SOHU,SPLK,WUBA,MEG,BABA,CALD,CYBR,BITA,TSLA,GNC,BIDU,LULU,WLL,GPRO,MNST,NILE,PTX
Stocks keying in to start the week:
BABA, CYBR, TSLA, NILE, PTX, GPRO, WLL, WUBA, SOHU
BABA we are looking at that $113-120 range
CYBR is the new IPO that money is flowing to. Watch for intra-day weakness
PTX bottom of the range
WLL bottoming formation with great volume pattern. Entry here with stop under the range.
WUBA pullback to the 44 range
SOHU $49.50-50.50 pullback to moving average.
GPRO current range above moving average.
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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