Flat day for the SPY but underneath some bearish action in various sectors and stocks.
We saw many recent strong momentum sectors , stocks with some carnage. This whole year, dips has been bought fast but we finally saw some reluctant dip buyers on Thursday. Action in stocks like NVDA,TSLA, X, CLF,URI, SINA, WB are worrisome and something to keep in mind going forward. If you follow us on Twitter,another great day in chat room as we were basically shorting all the momo names like TSLA , NVDA, SINA and WB with some nice gains. Will be watching them again for a follow through or dead cat bounce.
If you are struggling with your trading or learn how to trade you need to check out our trading courses. Our program is designed in such a way that you come out of it ready to trade live in just 3 months. We teach you everything from risk management to scanning to trading strategies. I also share my profitable intraday trading strategy which will make you money short term regardless of Market condition. The class is one of a kind, see why you should sign up for the course here . You will also have access to a private community where you can ask questions, share charts and talk with the instructors or other traders. You can also check out the testimonials from our students.Also if you are interested in our day trade alert services and chat room Check them out here.Follow me on Twitter @szaman and on StockTwits @szamanCheck out our newest Offering "Bulls Vision" ! A brand new screen share product! See through the eyes of@kunal00 while he trades live everyday.[caption id="attachment_43208" align="alignleft" width="800"]
LABU Biotech ETF,3 day pull to 20 MA and support. Watching for bounce continuation.[/caption][caption id="attachment_43205" align="alignleft" width="800"]
BLUE If biotech bounces, this could potentially breakout. Keeping an eye.[/caption][caption id="attachment_43206" align="alignleft" width="800"]
CARA Watching over 14.70 for a bounce.[/caption][caption id="attachment_43207" align="alignleft" width="800"]
CTRL Watching back over 15.50 for a breakout.[/caption][caption id="attachment_43209" align="alignleft" width="800"]
NVDA We had some nice short trade on this. Holding 100 for now but could cracks if 100 breaks again.[/caption][caption id="attachment_43210" align="alignleft" width="800"]
OSUR Breakout watch over 11.34.[/caption][caption id="attachment_43211" align="alignleft" width="800"]
SINA Nasty action but might have a dead cat quick bounce if 50 MA, 68.67 holds else 65 area next bounce spot.[/caption][caption id="attachment_43212" align="alignleft" width="800"]
TSLA We had some nice short trade on this. 255.56 needs to hold else not much support 246.50.[/caption][caption id="attachment_43213" align="alignleft" width="800"]
ZYNE Watching over 22.50 for a breakout.[/caption]
