Quick Summary:
SPY near stop, another short entry near $199-small stabs. Focus list stocks near entry level: BCR, BIDU, Z, TRGP, FLSR, BMRN, FB, TSLA and NFLX. Currently holding SPXU, NOV (short) and TWTR.
Video Analysis:
Today’s intra-day analysis of SPY and the focus list. Little has changed since posting the video.
Yesterday’s analysis of the focus list is still worth viewing if you haven’t already
Key SPY Pivot Levels: Old high 190, 50 dma 195.60, 190 gap fill and support level
Under the Hood and Trading Game Plan:
SPY bounced a little today, holding a tight range throughout the day and filling the late July gap. SPY seems to be hitting every major bullish level, albeit weekly. I widened my stop today on the SPY short trade via SPXU. Normally I do not do that, but since I had a half size position and the potential loss is small, I could do it. My SPXU stop is revised to $45.75. If I get stopped out, I will likely look to enter short again if SPY hits $199-199.50. It will again be a half size position, a “stab” that does not hurt if a loss is taken, but gets me in if there is a down move. I do not advise making big bets on this trade.
The game plan is to take small short stabs with SPY, and continue to stalk entries in focus list long setups, which comprise momentum stocks and earnings breakouts.
Current Trades
I am still holding SPXU, NOV (short) and TWTR (long).
The Trade Journal
The Focus List
The focus list remains the same. Most are in need of pullback. Below are those closest to entry levels.
BCR broke out to new highs and is now forming a range. Entry at the bottom of the range in around $148-149. Stop $146. Initial target $154.
BIDU continues to work the post earnings breakout range. Entry on weakness in the $210-215 range. Initial target $230.
Z is bouncing off the 50 dma post breakout. Entry in the $135-137 range. Target $150-160. Stop $130.
TRGP is bouncing off the 50 dma. Entry in the $134-135 range. Target’s can vary from $145-160. Stop $129-131.
FSLR is forming a high and tight flag range post breakout. Entry on breakout of range at $70.50 or pullback to $68. Initial target is old high at $74. Stops dependent on entry setup.
BMRN is breakout out of a bottoming formation. Entry on pullback to moving average in the $66.50-67.50 range. Stop $65 and target $74-75.
Short Setups:
My focus now is shorting SPY via SPXU.
Market Leaders
These are stocks that I always watch, though they might not be in my tradeable watchlist, nor are they actually always leading the market.
The market leaders are all within their ranges. FB, Z, TSLA and NFLX can all be considered focus list stocks.
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
