Still watching SPY 190 (long) and 195 (short). Video on WYNN and dealing with gap downs, along with focus list analysis. Breakout-pullbacks of interest include BIDU, EGHT, LPNT, UA, ISRG and BIDU. New additions ZU and PNRA. Market leader stocks of interest include GOOGL, PCLN, Z and TSLA.
Video Analysis (11 minutes):
Today I talk about the gap down in WYNN and how to handle an opening gap down when you are in a trade. The rest of the discussion is around focus list stocks and a few new breakouts
Key SPY Pivot Levels: 199 : recent old high, 195.25: 50 dma, 190 gap fill and support level
Under the Hood and Trading Game Plan:
Little has changed in the SPY chart. We continue to look to short around $195 and go long around $190, while placing close attention to the volume patterns that accompany price movement.
IWM again was a little stronger than SPY. As with SPY, I am looking to short on a low volume bounce and enter on a down move to around $108. Notice how the IWM has bounced in the past at this level (arrows on chart).
I am still holding DECK, TWTR and WYNN. WYNN gapped down hard and is discussed in the video.
The Trade Journal results
The Focus List
For now I only have the catalyst driven breakouts on the focus list.
EGHT, LPNT, UA, ISRG and BIDU are all near entry level on slight pullbacks.
ZU has been forming a bottoming range since the May gap down. Volume has been good within this range and now we have a breakout over the 50dma. Entry on pullback to $37-38. Initial target $42.50. Stop just under the 50 dma around $36.
PNRA is another bottoming formation showing signs of breakout out. The stock broke out on strong volume and is now pulling back just under the 50dma. Entry in the $145-146.50 range. Initial target between $155-160.
I have Daddy/Daughter brunch at Panera once a week with my daughters, so I love that this stock is picking up.
These are stocks that I always watch, though they might not be in my tradeable watchlist, nor are they actually always leading the market.
TSLA breaking out. Looking for pullback to $150. FB pulling back to gapfill. Z is entering buy area on pullback. GOOGL nearing moving average support at $560. PCLN pulling back nicely post breakout.
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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