Video: https://youtu.be/AVBkJ_rpeGcThe market is extended with all three indexes ramping up at extended levels. Judging by past history of SPY, this is the spot where we tend to pullback (see video). While that doesn't mean we can take long positions, it does mean we should exercise caution. Because of this, I decided to take profits in SQ yesterday and will look to take profits in LABU on a pop today. Commodities and retail continue to lead, as I was stopped out of the FCX position. Notice that the SQ win was 2.5X the FCX loss. This type of trading allows for big gains on a 50% win rage.I added OLED off the high tight flag trend continuation setup as it broke to new highs.Today's list: FCX, TSLA, FANG Stocks, BABA, YELP, ERX, SNAP, WYNN, BRZU, RH.Focus List: BABA, NFLX, FB, AMZN, GOOGL, YELP, BRZU, X, OLED, NVDA, RH, FAS, TWTR, RL, RACE, FCX, WYNN, TSLA, URBN, LULU, OSTKMetals/Commodities and Retail list (long or short): FCX, CENX, AA, ARCH, BTU, FCX, X, JNUG, NUGT, KALU, ANF, EXP, AEO, ROST, GPS, URBN, RACE, LULUCurrent Positions: Took profits in SQ. Stopped out FCX. Added OLED. Still holding ROKU.
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