Quick Summary:
Market continues to consolidate gains. Expect more of the same during shortened week, though some select stocks and sectors could move. New focus list additions. Still holding JNUG, DIG, AMZN and TZOO.
Video Analysis:
https://youtu.be/9AGMZaG0z7EI 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
Friday again we received another day of consolidation as the market works off the overbought condition going into a holiday. Unless there's some big news, expect more of the same this shortened week. Lots of low volume churn. It's hard to believe I know, but last Monday's overall analysis still applies (although the watchlist continues to change).
"SPY closed at new highs and IWM broke above the 50 dma, which is what we were waiting for going into the week. However, it did so on very low volume and many leading momo names are not participating. Thus we will still not get too aggressive.
That being said, we will look to take a shot at IWM as an index play using leveraged ETF TNA if it pulls back tomorrow.
Because "junk stocks" along with bigger low volatiltiy stocks are the types that are moving right now, we will adjust and develop both a junk stock watchlist and a parabolic short watchlist. You must be very careful with these types of stocks and monitor more closely than normal.
The game plan is to key in on high quality focus list stocks, junk stocks and commodity sectors. Still not getting overly aggressive."
Trades
Still holding DIG, JNUG, TZOO and AMZN (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
**See Monday video about two new types of focus lists (junk stock and pb short)
Focus List: QIWI,VDSI,OAS,TX,LEN,GLUU,NES,ORIG,MBLY,MBLY,SCHN,CHOP, TANH, DSKY, CBMG, SRPT
NEW Junk Stock List: VCTY, PTBI, PFNX, TRIL, ZEUS, SCHN,
NEW Parabolic Shorts List: CALM, CMCM, EBIX, ZEUS, SHAK, TCX, EHIC, LIFE
Second Qtr Earnings Breakouts: CE, SKX, GPRO, AMZN, TZOO, NFLX, MDSO, DNKN, HAS, GIMO, ORLY, RCII, RTEC, DPZ, GPRO, BLDR, ORIG, MOMO, RRGB, TTWO, QIWI, NES, Yoku
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
Commodity sectors gold miners, energy, aluminum and coal. Financials, biotech, software internet, gaming and cyber security.
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)
