Quick Summary:
Today indexes confirm resumption of uptrend. New earnings breakout stocks. Several focus list stocks in play on pullback. Make sure to join the Forum and participate. Tomorrow is Breakfast w/Bulls.
Admin Notes:
Tomorrow morning Kunal and I are holding a "breakfast with the bulls" an hour before market open. If you can make it, sign up here.
If you have not already, please sign up for the members only forum and start posting.
Video Analysis:
Today's Report is in video format with a written summary below.
In the Report I take a tour of the Forum, go over the new character of the market, analyze the new earnings breakout setups and focus list stocks.
Video Notes:
The character of the market has changed. $SPY remounted the 50dma, and $QQQ is testing all time highs. While we are likely to get some consolidation and even a pullback, we are now back in the uptrend. I will still keep my eye out for a failure, but my overall bias is now slightly bullish.
Indexes
$SPY made a clean remount of the 50 dma and I will look to get long on a slight pullback.
$QQQ is testing new highs, though probabilities are that it will pullback first.
$IBB (biotech) is extremely overbought and leading the market. A pullback to the old highs sets up a good entry level.
New Breakouts
Lots of good looking breakouts, many likely earnings though I have not looked them up yet. $AN, $TRNX, $MSG, $RCPT, $VDSI, $BCOR, $CATM, $BWLD all added to the breakout watchlist.
Focus List
Focus list stocks $MEG, $LULU, $BIDU, $BITA, $GMCR, $LOCO, $MNST, $YY, $PANW, $ACOR all look good on slight pullbacks to support levels.
$GPRO is bearish, but still watch for a remount of the 50 dma.
$BABA has gone parabolic and has some good entry levels on pullback. Watch for ranges to form.
Click on tickers to see thumbnail charts. Full analysis in video.
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).
