Quick Summary:
Thoughts on overall game plan. SPY hitting new highs. Focus list stocks TSLA, MNST, ARUN and YY.
Overall Game Plan:
This is one of the strangest markets I have traded in the past 8 years. There is little excitement about being at new highs, which there normally is. Why is that? It is because few stocks are participating. At this moment IWM is a better indicator of how most stocks are doing right now.In the near future, I am going to change my approach a bit. First, I am not going to let my market analysis come into play with my individual stock trades. Due to the extended nature of the market, I have been quick to take profits. I will switch over to some of my shorter term setups. Finally, I am going to be very selective with trades. For those that want to trade more, I will post daily updates of setups that are available for those that want to take them.Key SPY Pivot Levels: Round number $200, Old high 199, 50 dam 197.54, 197.50 and $196.50 gap fill and support levels
Under the Hood and Trading Game Plan:
With little fanfare $SPY reached new highs today, yet stocks are still not participating and we still have momentum divergences. On a positive not for the first time in a while volume is picking up on the upside. I'm close to exiting the $SPXU position. If SPY hits a little above $200, I am out.
Current Trades
I am holding $SPXU and DGLY. I am close to stop out on both positions. At one point today DGLY was up 5% from entry, but now is close to stop out. That's they way it's been these past few trades.
The Trade Results Journal/Spreadsheet is up to date.
The Focus List
TSLA continues to float up to our short entry range.
MNST is still basing post breakout. Entry on slight weakness.
YY is extended and looks ready to bounce. Watch for a move into the support zone.
ARUN is basing near new highs. Volume is strong.
Market Leaders
These are not necessarily stocks leading the market, but stocks I watch as an indicator for strength in the market and sectors, and use for as individual trades.
GMCR and GS are breaking to new highs. TSLA and NFLX look to be forming short setups. The rest are moving in price ranges.
Please read the post 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 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).
