Quick Summary:
SPY violates 50 dma. Watch for close above or move to 200 dma. QQQ right at 50 dma. Focus list: SIG, BABA, ULTA, LNKD, UA
Video
http://youtu.be/Gl5y13c7tgANote: I highly recommend that you watch the video if you can, rather than just read the notes. I talk about strategies, entries and exits more in depth in the video. I try to make them short and to the point with little non-essential information.
Indexes and Game Plan
PSPY violated the 50 dma, while QQQ is just above the 50 dma. Pre-market futures are down. Watch for an intraday bounce. I will watch SPY for a close above the 50 dma. If it looks like it will close above I will likely enter at the end of the day. If the 50 dma does not hold, watch for a pullback to the 200 dma at $195. QQQ is nearing 50 dma and I may take a small position on weakness.
The game plan is to keep an eye on QQQ and SPY key levels, manage positions and for the most part stay in cash.
Today's Trades
I am still holding Z and CYBR.
Sector Watch
Almost all sectors are in red, though retail is still strong. USO continues to slide but will wait for confirmation for entry.
RETL,USO,XLE,EDC,IBB,INDL,BRZU, XLF, NUGT .
Breakouts
The breakout list pulled back across the board, but no real technical violations yet. If we get a market pullback, we'll get some good entries later.
With earnings season coming to an end, we continue to watch the attractive earnings breakouts we collected. The good ones are forming ranges and some will become the next momentum players.
TTWO, CALD, COUP ACHC,RFMD,ACCO,AMED,X,TQNT,AN,TRNX,MSG,RCPT,VDSI,BCOR,CATM,BWLD
Focus List
Today's focus list is small: SIG, BABA, ULTA, LNKD, UA. Best to stay in cash until we get a clue.Focus list to start the week:
CMG,COUP,VEEV,Z,MNST,VA,ZEN,VTAE,SIG,BABA,UA,LDOS,PTX,LNKD,CYBR (see video for setups/entries)
focus list biotech: ATRA, ESPR, SGMO, MDVN, AGIO, ACHN, RGLS
focus list retail: NILE,TIF,SIG,OUTR,HABT,GES,MUSA,ARO,ULTA
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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