Quick Summary:
SPY analysis and video. Comparison of MNST and TWTR. New addition SCTY on remount of moving average. Z exit.
Video Analysis (3 minutes):
Intra-day analysis hitting SPY, Z and a few focus list stocks.
Key SPY Pivot Levels: Round number $200, Old high 199, 50 dam 196.90, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
We did not see any follow through from yesterday’s poor close, but the morning bounce didn’t hold either. For now the market is trading in a somewhat volatile range while consolidating new highs. The negatives still exist, with poor breadth, volume, breakouts and momentum indictors like RSI. For a pullback we need to see a clean break of $200 and then $199. At that point it is likely we would see a test of the 50 day ma, which converges with a gap fill.
The current game plan is to manage the SPY short position. I continue to look for long setups on momo stocks, but will not chase. B
Current Trades
I am still holding SPY short via SPXU and GWPH.
I was stopped out of Z today. I sent an alert about re-entering near the close if price was above the 50 dma. It closed below so I did not re-enter.
The Trade Results Journal/Spreadsheet is up to date.
The Focus List
Finviz link to easily follow the entire focus list. Most positions entry charts remain as annotated earlier in the week.
I have talked about the MNST setup being similar to TWTR’s “rounded” pullback post breakout. Notice just how closely it is following what TWTR did. It pulled back into a rounded formation, started it’s move up, then consolidated a little before moving up again. MNST is at that level of consolidating before the next move up. I am looking for some weakness to enter.
New Addition:
SCTY remounts moving average on strong volume. Entry on slight weakness, stop under breakout bar.
Short Setups:
My focus now is shorting SPY via SPXU
Market Leaders
Most market leaders are acting in tune with the market and look ready to pullback.
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).
