Quick Summary:
Indexes remount moving averages on gaps today. Negate short setups. Entered NUGT. VA at top of watchlist. Key sectors biotech/retail/gold miners/homebuilders
Video
http://youtu.be/KkmVQHjQw8YI 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
The market bounced strong and remounted the 50 dma on SPY and QQQ, and IWM's 20 dma. This strong bounce negates the short setup we have been waiting for, as key support levels get remounted and we have gap up. We will continue to watch these moving averages to see if they hold or fail. Are we back to 2014 buy the dip price action? One day doesn't give us the answer but right now, after a weak character changing start to the year, it looks like we are back to the old 2014 pattern.
The game plan is to wait for clues. We keep the focus list tight for select setups in retail, gold miners, homebuilders, biotech. We are no longer waiting for weak bounces. However, we do need a pullback in most of the sectors we are watching.
Trades
Still holding FB which was strong today, closing above $78 (76.52 entry). Entered gold miner ETF NUGT today on pullback to moving average. Volume pattern is strong and still looks to be bottoming as it holds the 50 dma remount.
Focus List
Focus list (see video for setup and entries): Mostly watching stocks from those key sectors, biotech/retail/homebuilders and gold miners.VA,GPRO,TGTX,HD,LOW,DHI,RGLS,AGIO, EW, RLYP along with sector ETFs RETL, NGUTI will be watching VA closely tomorrow:
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)
