SPY pulled back hard from highs closing below the 50 dma. This is the 5th "distribution day" over the last month and a half. That, along with the negative patterns that are forming in momentum stocks and lackluster earnings reactions leads me to believe a pullback is coming.The game plan now is to play it safe and look for clues that the market is turning. It's also tough to get short here. A light multi-day bounce would setup some good short entries. For longs, I am focusing on earnings breakouts that are holding up and looking to get into energy on a pullback.Yesterday I entered BIS and AMZN.AMZN is an earnings breakout-pullback setup. The stop is placed under Monday's hammer candle.BIS is a biotech inverse short. Many biotech stocks are putting in the same negative "dead cat bounce" pattern.I am still holding JNUG.
Market Speculator Part-Time | Swing Trade Report
Paul
Singh
•
May 6, 2015
