Quick Summary:
Continue to watch SPY pivot levels and range. Focus list has a number of pullback entries. New addition TRSA possible breakout pullback candidate. Exited AAPL, EZCH. Entered and exited GWPH for a nice gain. Entered BWLD and still holding TSLA.
The Market
Key SPY Pivot Levels: 198.20 : new high resistance, 196.65 20 dma, 193.44: 50 dma
Under the Hood and Trading Game Plan:
Not much to write home about as we got a slight pullback to start the week after two volatile days. For me it was a day to do some house cleaning, meaning exit a few positions and make a few entries with the pullback.
Yesterday’s analysis remains the same. We continue to watch the key SPY levels, and watch for pullback entries in momo stocks to setup. We also have our eye on some shorts. Low aggression, low risk and small positions for now.
That doesn’t mean we don’t get to go out and play. During earnings season there’s always some fun to be had, even in the boring summer months. Everybody is talking about CMG right now, which popped 50+ points after hours. That’s probably not a great play for swings right now, but I do keep an eye out on breakouts for eventual entries. I’ll keep an eye on CMG and see what type of consolidation we get in the near future.
Current Trades
It was tough to do because I still like the short setup, but I had to exit AAPL today. I know it will hurt if it drops tomorrow, but I rarely ever risk getting hurt by an earnings reaction.
I exited EZCH for a gain today. It was short my target, which I am doing more of in this market. I ended up getting 1.5 on my risk.
I entered and exited GWPH today for a nice gain. Entry was at $82.20 and exit at $87.93 average price. Again, my target was higher at $90, but it was tough to pass up on almost 5 points in a few hours. Since there was no real catalyst for the move, I figured the stock would pullback. It did and is sitting at $86.61. I’d like to re-enter on a pullback. I understand some of you had issues with the alerts for this trade. We are working on a new alert system with the site redesign. More info coming soon.
I entered BWLD at support, and wouldn’t you know it, it is down about a point. BWLD has been my Achilles heel these past few weeks.
I am still holding TSLA, which is around a point above my entry.
To summarize, I exited AAPL and EZCH, entered and exited GWPH, and am holding BWLD and TSLA.
The Trade Journal is up to date.
The Focus List
BKS, BWLD, CTRN, Z, GWPH and GMCR are all near entry levels, requiring only slight pullbacks. BLUE and IPXL require bigger pullbacks. FB broke over our resistance level and looks like a decent entry, however earnings are coming up and I don’t trade into earnings.
Short setup DAL looks good, but earnings are coming up.
New Addition:
TSRA breakout over long term range on high volume. I will be watching this as a breakout-pullback candidate.
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.
I am watching GOOGL as it pulls back post earnings. An entry back into or near the old range would be ideal.
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).
