Quick Summary:
The markets gapped down hard before recovering and forming hammers by the end of the day. IWM continues to lead. Be careful trading around Fed day Wednesday, especially with future rate hike chatter. Took profits in CYBR.
Video Analysis:
https://youtu.be/mMAvzF0ysoII 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 gapped down hard today but recovered nicely as dip buying took over. IWM broke the 50 dma before recovering strong and forming a hammer. This is a positive sign, but expect some volatility going into Wednesday's Fed meeting. We always take a cautious stance around Fed meetings, but Wednesday in particular because of all the talk about a future rate hike.
The game plan is to take a cautious approach but stike at good setups that reach entry levels.
Trades
Still holding MBLY, JNUG, GPRO and AMZN (see video for stop strategy).
Took profits in CYBR.
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
Focus list stocks near entry: CMCM, EBIX, MRC, SEDG, KITE, MOMO, MNKD, KOP, GUID.
Focus List: YOKU,NES,EBIX,RS,CTRP,ULTA,ABMD,LULU,KOP,BABA,TX,SEDG,OAS,KITE,BLUE,AGIO,CMCM,MOMO,TANH,MNKD,MRC,SCHN,USAT,GUID,ZIXI,PANW,FEYEOverall Watchlist from last week:TSE,CMT,PES,ARDX,SANW,CRWW,USAT,BOX,TTWO,EA,GLUU,KING,CMCM,DSKY,WAC,OCN,WD,WBAI,SGMS,NFLX,AMBA,AAWW,FIVE,CONN,VMW,DATE,PTBI,GEVO,LOGM,BLFS,ARDX,HABT,CROX,GPRO,BABA,CYBR,KITE,VDSI,AAOI,MBLY,VLTC,RXDX,JRJC,HRTX,SINA,KANG,IMGN,YOKU,AMCC,SCHN,TANH,CEMP,BAS,MNKD,OAS,GALE,SRPT
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
Key sectors include biotech, software applications and internet, gaming, select retail, steel, oil related 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)
