Quick Summary:
Market continues pullback and is testing major moving averages. Earnings breakouts continue to underperform post breakout. Narrow focus list.
Video Analysis:
https://youtu.be/NUisCFvxOWUI 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 is now testing the 200 day ma, while QQQ and IWM also test major levels. A break here will likely lead to tests of recent lows and possible breakdown. Note that today's weakness was credit to China. China stock BIDU was hit hard post earnings and could influence the market tomorrow morning.
The game plan continues to focus on a select group of relative strength stocks and earnings breakouts. Right now it pays to be cautious and wait for market tells to get aggressive.
Gold is at the top of the watch list, and we will watch to see if other commodity sectors follow it's lead.
Trades (see video)
Stopped out of NFLX. No current positions.
Focus List (see video)
The focus list: UGLD,IBB,FCX,X,CYBR,CALA,ETSY,FIT,GUID,MBLY,WING,FOGO,PYPL,GLPGNote: Forgot to talk about IBB on the Report. It is tounching the 50 dma and might be good for a bounce play.
3rd Quarter Earnings Breakouts: NFLX, ANFI, GOOGL, HAS, ASPS, INFN, FTK, FTNT, NTGR, UA, V, CMGPotential Shorts: HABT, SHAK, Biotech, GWPH, FEYE, GPROThe biotech list (long and short): SAGE,EPZM,PRTA,SCMP,INSY,BLUE,POZN,RARE,KITE,RGEN,SGEN,FOLD,ALKS,FOLD,REGNCommodity List: USLV,TANH,SEDG,WLB,JKS,FSLR,CSIQ,FCX,WOR,X,OA,ERXhttps://youtu.be/NUisCFvxOWUPlease 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)
