Quick Summary:
While SPY posted a nice bounce and is near the 50 dma, it did not yet hit oversold conditions. Thus we are still exercising caution. GPRO and TZOO today's entries. Watching XLE on pullback to 50 dma.
Video Analysis:
https://youtu.be/xDTmxLITmEcI 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 bounced and formed an inside day just under the 50 dma. While this is positive action, and under the hood there were some nice moves today, I still am hesitant in getting aggressive since we did not reach oversold levels on the stochastic. Keep in mind that though I entered two positions today, they were half sized positions so really only amount to 1 position. This is not an aggressive move.
The game plan is to monitor earnings breakouts and stocks holding up well. We also will look for select shorts in biotech and other sectors if there is a bounce. We also will look to enter DIG if XLE pulls back to the 50 dma tomorrow.
Trades
Still holding JNUG, BIS and AMZN. Added GPRO and TZOO near the close (see video).
Note: JNUG is not our typical swing trade as we build positions and even average down if prices go lower. This is a small position that allows me to enter more on deeper pullbacks without getting stopped out. This setup has been discussed in the last weeks videos.
Focus List
Small focus list for tomorrow.
Focus list: GPRO, XLE, TWOU, AMZN, TZOO, PHH, DPZ, ORLY, HAS
New Earnings Breakout Additions: BABA, SUNE, PHH
Second Qtr Earnings Breakouts: CE, SKX, GPRO, AMZN, TZOO, NFLX, MDSO, DNKN, HAS, GIMO, ORLY, RCII, RTEC, DPZ, GPRO, BLDR
Energy focus list: TK,OII,FTI,NOV,XEC,CRZO,ESV,NBR,OAS,VLO,CLR,OIS,WNR,FANG,SCTY,DVN,CVX,DRQ (see video)
Sector Watch
Energy and Gold for long term big swing trades. Cyber security, medical devices, biotech, data storage, internet.
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)
