Quick Summary:
We are watching 3 key levels for SPY. Stocks on the focus list or near it: CAVM, BWLD, TWTR, AAPL, EQM, BID, YELP,BF,GMCR, NFLX, YY, TSLA, LNKD and GOOGL,. OIL ETF is near entry level.
The Market
Key Pivot Levels: 196.60: new high resistance, 194.24 20 dma, 190.32: 50 dma and old high
Under the Hood:
We continue to watch 3 key levels on the SPY chart. The old high, the 20 dma and converging old high/50dma support. I am looking at long entry on breakout of $196.60 or on pullback to the 50 dma.
Trading Game Plan:
Watch SPY for entry levels. Continue to monitor focus list stocks and enter on buy points.
Current Trades
I am still holding CSIQ, LNKD, WOOF long and QID and DUG as short plays. QID is very close to stop level.
Here is the Trade Journal with current open and past closed positions, along with stops and targets.
The Focus List
Some new players enter the focus list this week, along with some usual suspects. Chart are for stocks near entry level. Others are focus list stocks that can be watched, but need more time to setup.
CAVM has pulled back to breakout level and is holding. Excellent volume pattern. Entry in the $48-49 range, with stop at $46.50 and initial target at $52-53.
Strong breakout for BWLD over hold high. This will be a breakout-pullbck entry on pullback to the $158-161 range. Stop in the $155-156 range. Target open as long as 2 time more than what is risked.
BID has been bottoming with excellent volume for some time now. The stock mounted the 40 dma and in time may take out the 200 dma. Entery on pullback in $40.50-41.10 range, stop at $39.25 and target in the $43-44 range.
TWTR broke out over a resistance level. Entry above $40 with stop around $39. Initial target $45.
EQM entry on pullback to the 20dma.
We have been watching the $90 level on AAPL and it seems to be holding. Entry in the $90-91.50 range, with stop at $89 and target at $94-96.
YELP, BF, GMCR, NFLX, YY, TSLA, LNKD, GOOGL are all on the focus list but still need some pullback.
Click here for link to monitor the focus list.
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.
Most of the market leaders are pulling back and trading within ranges and are on the focus list.
Sector and International ETFs
OIL is forming a range post breakout. Entry on slight pullback. UCO can be used for leverage.
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way. 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)
