SPY continued hard pullback off highs and easily broke the 50 dma on heavy volume. Not only is it pulling back hard, overall breadth confirms the pullback as many strong stocks are now posting ugly charts. This, couples with the fact that overall earnings season has not been strong leads me to believe that, at best we are in for some chop over the coming weeks and likely won't breakout to new highs.Gameplan is to be cautious and look for strong setups. Our current defensive posture cutting from 8 to 3 positions kept us from a big cumulative loss during this pullback.Note: written report today due to flu
Current positions:Yesterday we exited FEYE before earnings and added to JNUG on pullback. I am still holding ABMD which is close to stop out level.Focus list:BLUE: held strong as the rest of biotech pulls backTWOU: rounded pullback and now oversoldULTA: pulling back to bottom of rangeEA: pulling back to moving average after strong earningsMNST: pulling back to bottom of range and moving averagePANW: pulling back to moving averageFEYE: strong earningsYY: strong relative strengthTSLA: strong relative strengthJUNO and CEMP: oversold biotechsStill looking for pullback in energy to enter
Earnings Breakouts - 2nd quarter: CE, SKX, GPRO, AMZN, TZOO, NFLX, MDSO, DNKN, HAS, GIMO, ORLY, RCII, RTEC, DPZ, BLDR
