Quick Summary:
Looking for SPY to break key levels. Video analysis of 20 focus list stocks, with annotations of 6 to key in on: BIDU, MNST, Z, VEEV, VRNS and GWPH. On Friday entered GWPH and still holding SPXU.
Video Analysis:
Analysis of 20 Focus List stocks to start the week, all in 5 minutes.
Key SPY Pivot Levels: Old high 199, 50 dam 196.61, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
With any sign of weakness being bought, SPY continues to consolidate overbought conditions rather than pullback. We continue to watch for a pullback and breakout of both the $200 (round number) and $199 (old high). If that happens, a pullback to the 50 dma will be in play.
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. Biotech continues to be the sector of interest. Oil/gas is also picking up.
Current Trades
I am still holding SPY short via SPXU.
On friday I entered focus list stock GWPH on pullback to the 50 dma. The setup is still available. Stop is in the $87-88 range, target $100 (breakout gap) or $110 (high).
The Trade Results Journal/Spreadsheet
The Focus List
Finviz link to easily follow the entire focus list.
There are 20 stocks of interest from my watch list to start the week. Today’s video goes over all of them. Below are a few to key in on.
BIDU is at the bottom of it’s post earnings breakout range. Entry in the $210-212 range. Target $225-230. Stop $204-205 gives a minimum 3:1 reward to risk ratio.
MNST forming a “rounded” pullback post breakout similar to our recent TWTR trade. Entry in the $86-87 range. Target $95. Stop under $85.
VEEV broke out strong over a 2 month long range on very strong volume. Entry on pullback to either the 2oo day moving average or the bottom of the breakout bar. See video for 1/2 position strategy.
VRNS showing accumulation within a bottoming formation and has remounted the 50 dma. Entry on pullback here or deeper pullback to bottom of breakout bar. See video for 1/2 position strategy.
Z continues to digest the huge breakout and is pulling back to the rising moving average. Entry in the $139-141 range. Stop around $135 and target at $160 offers great reward to risk.
Short Setups:
My focus now is shorting SPY via SPXU
Market Leaders
TSLA broke out to new highs. It is one to watch. Z is setting up as a pullback play. AMZN continues to work at filling the gap at $360. NFLX bounced right at pullback to old high. All four can 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.
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