Quick Summary:
Key levels for $SPY and $QQQ. Watching key level 50 dma for $SPY. $QQQ nearing stop level for $SQQQ trade. Took partial profits in $DUG today on gap higher. Focus list stocks $ACOR, $BIDU, $BITA, $GPRO, $HOG in play.
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Under the Hood and Trading Game Plan:
Not much today, as the markets consolidated sideways. The game plan from yesterday still applies. The 50dma is a key level as $SPY either remounts or pulls back. We will trade it according to that level. $QQQ is nearing highs. A move above $99 will likely stop me out of my $SQQQ position (short $SPY). If we so see failure, there are key gap fill levels below.
Current Trades
I am still holding $SQQQ
I took partial profits in $DUG, moved stop to entry level and letting the rest ride.
The Trade Journal
The Focus List
Last weeks focus list stocks in play but requiring pullback:
MEG,SPLK,BABA,BIDU,PANW,GMCR,MSNT, HOG
Focus List Stocks in Play:
ACOR is a biotech that has formed a big post-breakout range. After testing the breakout gap fill, price recently broke out by remounting the 50 dma. Entry as near to $33 as possible. Stop under $32. Initial target at $35 with secondary target at $38.
BIDU is forming a range after remounting the 20 and 50 dma. Entry at the bottom of the range with stop under the 20dma and target around $230.
BITA broke out from it's downtrend line, remounted the 20 dma and is now basing right at the 50 dma. Entry on slight pullback if anticipating remount. Less aggressive play is to wait for a strong close over the 50 dma.
GPRO is a textbook short setup, however earnings are coming up on Thursday which makes it very risky. Best bet is to wait for earnings and use this chart as a guide post earnings. Notice the double top formation and botto of range around $40.
Earnings breakout setup $HOG continues to form a range post breakout. Entry above the 50 dma with a stop under breakout low and rarget near $65.
There are many biotechs showing up on my screens and I am still working on narrowing the list down. Here are the 13 I am currently monitoring:
EPZM,BLUE,AMAG,MYTH,CEMP,ANAC,UTHR,TECH,JAZZ,AUXL,MNKD,AKRX,NVAX
Market Leaders
Oh how the mighty have fallen. With every big market pullback or correction, new market leaders emerge. Rest in peace $AMZN, $NFLX, $TSLA and $CAT. This is your last day as market leaders. That is not to say you can not lead again. We'll reserve judgement post earnings. $GMCR and $FB continue to lead, though not ripe for entry, yet.
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Anayze 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). dddd
