Quick Summary:
SPY and QQQ violate 50 dma, after mid-day high volume bounce. USO strong green volume. Today's entries TQQQ and UCO.
Video
http://youtu.be/zw-bseELr10Note: 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
Volatile day in the market today with a number of fake outs. The early mid-day run after some initial weakness looked like the end of the pullback, with strong upside volume pouring in. However, the day ended with a slow pullback and hard close under the 50 dma. We always talk about gaps getting filled, even when they are left behind, and it seems we are getting that now.The game plan is to step back and wait for pullbacks to the 200 dma or remount of 50 dma. Holding back on the focus list as well. Oil is still in play.
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 with stops under the 50 dmas.I entered TQQQ (half position) and UCO.TQQQ is a leveraged play on QQQ. Entry was on pullback to 50 dma. I will likely exit if there is weakness tomorrow morning.
UCO is leveraged oil/USO. Huge positive volume today (see video for intraday price action). Stop around $10.40, target near 15-17 giving us 5:1 reward to risk.
Sector Watch
Almost all sectors are in red, though retail is still strong. USO showed strength today.
RETL,USO,XLE,EDC,IBB,INDL,BRZU, XLF, NUGT .
Breakouts
The breakout list pulled back across the board, with 1 technical violation (HOG). 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
I am not looking at any entries tomorrow. If things change, I will alert in intra-day update (see video).
Yesterday's focus list: 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.
New subscribers and trial members please leave me any feedback/comments in the comments, via email (singhjd1@aol.com) or twitter
(twitter.com/PaulJSingh)
