Quick Summary:
SPY holds off early morning selling. Two new positions, $TSLA (short) and $BITA (long).
Key SPY Pivot Levels: Round number $200, Old high 202, 50 dam 197.54, 197.50 and $196.50 gap fill and support levels
Under the Hood and Trading Game Plan:
All 3 of the major indexes we track held off early morning selling and closed slightly down, but still strong. As I said last week, we are likely not getting a straight, hard move down to downside targets. Expect some back and forth as dip buyers continue to take stabs at bounces. If IWM continues to bounce here, the gap area $113.50 could be in play.
The game plan continues to be very selective with setups and manage the $SPXU position. There are no need to make trades in this market unless you have a great setup.
The two ETFs mentioned in yesterday's report, DIG and IBB, did little today and are not near entry level.
Video Analysis
Intra-day video analysis features analysis of current trades and focus list setups
Current Trades
I am holding $SPXU. I entered $TSLA short and BITA long, and was stopped out of LAZ for a small loss. All 4 are discussed in the intra-day video.
The Trade Results Journal/Spreadsheet
The Focus List
I will produce a video going over all stocks pre-market. Here are a few close to entry levels.
$GPRO and $PNRA were the only significant movers from the focus list today. $GPRO defies the odds and continues its parabolic move without consolidation. I continue to watch for a good consolidation entry level. I know the temptation here is to chase, but that is often when you are level vulnerable to a big move down. $PNRA bounced right at support off the classic breakout-pullback setup discussed in yesterday's report and video analysis.
The focus list remains the same as yesterday
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.
Most of the list did little today. $CAT formed a tail at the line in the sand support level. $TSLA filled the early morning gap down but still looks vulnerable to a move to previous support around $230.
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.
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