Quick Summary:
Market closes above 50 dma, but on low volume. Biotech leads. 4 days of bounce makes entries tough. Should be pullback soon. Entry FOGO. AMZN up 10 points. Stopped out of VXX.
Video Analysis:
https://youtu.be/k7SL1HkS2SsI 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 closed comfortably above the 50 dma and is back in the middle of the old $208-214 chop range. This is a positive for the market. However, the bounce was on very low volume which means there is some concern and big money is still tepid about rushing into this market.
Biotech and the narrow field of momentum players bounced nicely today. Keep in mind this is the 4th day of bounce, which is usually not sustained without at least a little pullback or consolidation. I'd like to see that before adding more positions.
The game plan is to continue to look for a market tell and have a separate lists of stocks showing relative strength, oversold condition and possible shorts. Trading will be selective, limiting risk.
Trades (see video)
Stopped out of VXX. Still holding AMZN, up 10 points today (earnings NEXT Thursday).
Entered recent IPO FOGO on pullback to bottom of range. (see video)
Focus List (see video)
For now we are using a selective approach to trading until we get a clear signal.
Relative strength stocks: FIT, WYNN, AMZN, MBLY, GOOGL, FOGO, GWPH, WING, LEN, TWTR, UA, NFLX, KITE, MNST
The biotech list (long and short): SAGE,EPZM,PRTA,SCMP,INSY,BLUE,POZN,RARE,KITE,RGEN,SGEN,FOLD,ALKS,FOLD,REGN
Commodity List: USLV,TANH,SEDG,WLB,JKS,FSLR,CSIQ,FCX,WOR,X,OA,ERX
Lists from previous weeks that could become relevant:
: 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
Still watching China ETFs and commodity sectors showed relative strenght today. IBB is resilient as always and could lead again.
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)
