Quick Summary:
SPY continues chop now again remounting 50 dma. Will it hold this time? Took profits in NUGT and UCO. Looking to re-enter and/or enter pullback in focus list stocks.
Video
http://youtu.be/P0wi1j05nS4I 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
SPY cleared the 50 dma today. We have talked about this level as key, however I am not ready to jump in as the market has been choppy and there was not a lot of strength behind today's move in terms of volume or movement in key stocks. Thus, I did not enter long SPY at the close. However I will aggressively look to add one or two focus list positions tomorrow on pullback.
The game plan is to continue to look for pullback entry in UCO, NUGT, metals/steel, earnings breakouts and focus list stocks.
We are in the midst of earnings season and will start to build an earnings breakout watch list, as we did last season.
Trades
I exited both NUGT and UCO for +5.85% and +8% gains. As has been the play for 2015, I have adapted and taking quicker profits. I will look to enter both again (see video)
2015 Trade Results: http://bit.ly/161Yl4w
Focus List
Focus list (see video for setup and entries):
BWLD is up 3 points after hours earnings. We will monitor tomorrow. Also looking for pullbacks in the usual suspects for entry.
We continue to look for pullbacks and good value reward to risk. No chasing while at the top of this rangebound market. From the list of 30, I am keying in on 15: DIG, WLL, OAS, BWLD, WOR, TX, CBT QSII, INFN, GOOGL, LULU, ULTA, GTLS, CBT and LOCO.
LULU,WBAI,BWLD,YELP,ULTA,QSII,X,WOR,TX,NANO,RTEC,AN,INFN,RMD,NUGT,GOOGL,LOCO,UCO,DIG,HSIC,NTST,SSI,ALE,P,OAS,WLL,GTLS,CBT,AAPL (see video)Q1 2015 Earnings Breakouts:New Additions:GLUU, DADA, ORLY, KSS , BBSI (see video)NANO,RTEC,AN,BSET,QSII,CYN,INFN,RMD,NFLX,SBUX,ABMD,TUP,XWLL,GTLS,CBT,AAPL (see video)
Sector Watch
IBB is weakening, but bounced today. We will monitor for more of a weak bounce for a short entry, unless character changes (more volume comes in on bounces).
Oil/Energy/Industrial Metals/Chem pullback a bit.
Sectors of note: Energy, Emerging markets/Brazil/India, Biotech, Retail and Gold Miners all strong, with homebuilders leading.
Last Quarter Breakouts
This is the earnings breakout list from 2014 4th quarter. We continue to monitor.
TTWO, CALD, COUP ACHC,RFMD,ACCO,AMED,X,TQNT,AN,TRNX,MSG,RCPT,VDSI,BCOR,CATM,BWLD
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