Quick Summary:
SPY continues below the 50 dma and looks to be on it's way to the bottom of chop range. Took profits in HRTX short. AG and Homebuilders showing strength as markets and momo sectors pullback.
Video Analysis:
https://youtu.be/x1d1o9MlVqcI 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 breaks below the 50 dma and looks to be on it's way to test the bottom of the chop range. Many of the momo stocks that have taken hits the past few days bounced slightly or stalled today. The question now is have they put in a pivot and resuming uptrend, or will they bounce for a few days then resume the pullback. Right now it is tough to tell but since many are still far from there 50 day moving averages I am leaning toward resumption of pullback.
The game plan is to be patient and possibly enter a long in a strong stock or up and coming sector like ag or homebuilders. Also monitoring the long/short plays in biotech/health/medical and cybersecurity.
Trades
Still holding JNUG.
Took profits in HRTX as it dropped 10 percent from entry before putting in a hammer-like candle.
The 2015 spreadsheet: bit.ly/161Yl4w (needs to be updated)
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
Stocks to key on for Friday: RGSE, VBLT, TANH, GTLS, LEN, MTH, FIT, SGYP, MNST, IPI.
Possible shorts (extended bearish candles): PANW, FEYE, HRTX, VDSI, POZN, AMED, ISNY, BLUE, HABT
Keep an eye on residential real estate (RYL, LEN, MTH), cyber security (GUID, CYBR, FEYE, PANW, VDSI) AND IPOs (WING, FOGO, FIT, SEDG, TANH).
Focus List to Start Week of June 22: WING,FOGO,FIT,LULU,MNST,GOOGL,GTLS,KITE,HABT,SHAK,TWTR,QIWI,DSKY,NES,YOKU,TANH,MNKD,MRC,ZIXI,IMGN,KOP,LEN,RYL,MTH,SEDG,GUID,FEYE,PANW,CYBR,VDSI
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
Housing and ag have been strong during market pullback. Keep an eye for sector rotation.
Key sectors include biotech, housing, 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)
