Quick Summary:
Indexes bounce today, though nothing changes in the characer of the market. Exited TGTX today for profit. Still holding FB.
Video
http://youtu.be/EFLnGp--iH8I highly recommend that you watch the video, rather than just read the notes. I talk about strategies, entries and exits more in depth in the video, yet short enough that they are only 5-10 minutes long.
Indexes and Game Plan
Today's weak bounce does not clue us in on future market direction, other than possibly setting up a "dead cat bounce" short setup (weak bounce that setups up next leg down). We continue to watch the 200 dma below and the 20 and 50 dma's above for remount. Notice that pullbacks are happening more frequently now.
The game plan is to wait for clues. We keep the focus list tight for select setups in retail, gold miners, homebuilders, biotech. If we get a weak bounce we can look to take shorts in index ETFs or names like NFLX and AMZN.
Trades
Exited TGTX for a 10% gain. Still holding FB, which held yesterday's close but did not bounce.
Focus List
Focus list (see video for setup and entries): VA,GPRO,TGTX,HD,LOW,DHI,RGLS,AGIO, EW, RLYP along with sector ETFs RETL, NGUTRight now the one main short setup is NFLX along with sector inverse ETFs SDS, SQQQ and SPXU but need to bounce a bit for entry.
Sector Watch
Homebuilders, Biotech, Retail and Gold Miners. We are keying in on these sectors (see video).
Breakouts
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
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)
