Quick Summary:
SPY short and long setups remain in play. Some breakout pullbacks setting up. Watch bounces for short opportunities. Two new videos today, Intra-day and Oversold Bounces.
Video Analysis (3 minutes):
An intra-day video was sent via alert earlier today. Most of it still applies.
Tonight’s video illustrates the Oversold Bounce Setup via focus list stocks NOV and CAT (3 minutes)
The Market
Key SPY Pivot Levels: 199 : recent old high, 195.17: 50 dma, 190 gap fill and support level
Under the Hood and Trading Game Plan:
As we expected SPY bounced on low volume today off yesterday’s doji candle. We continue to watch for a move either to the short zone (195) or long zone (190). Remember we must pay attention to volume, especially for the short setup. Volume needs to remain low.
Current Trades
I am still holding GMCR, GWPH and DECK. All three popped a little at the open and pulled back the rest of the day.
NOTE: GMCR and GWPH report earnings on Wednesday. I always exit before earnings.
The Trade Journal results
The Focus List
Almost every stock here has been discussed in one of the two above videos. NOV and CAT both bounces as noted in last night’s Report, and discussed in today’s video. We now watch for good short entry if they bounce higher. DECK, TRLA, UA, WBAI and Z are at or near entry levels discussed in previous Reports. YY bounces strong at the buy point discussed last week and has already hit some of your targets. WYNN bounces strong and still needs to pullback for entry. Review yesterday’s Report for setups.
During earnings season I keep an eye on breakouts. These are not necessarily focus list stocks that are near entry levels now, but I keep a breakout list and over the days and weeks ahead, I watch for good pullback or post break consolidation entries.
SPNC and VDSI were both up over 5 percent today. LPNT and ISRG can be added to the focus list as breakouts setting up near entry. ISRG needs to pullback closer to $440, while LPNT is already at a decent entry level ($70-70.50) with stop at $69 and target at $75.
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.
Besides the focus list stocks already discussed, PCLN is the only noteworthy stock. It broke out hard right to resistance. NFLX is still set up as a short in the $428-430 range.
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).
