Market Speculator Part-Time | Swing Trade Report

Quick Summary:

SPY overextended at new highs.  Individual stocks and market leaders not confirming SPY at these levels.  Focus List stocks BIDU, NLNK and KORS.  Video analysis.

Video Analysis (4 minutes):

Today’s intra-day analysis of SPY and the focus list.  The analysis in the video still applies.  We talk about the small feeler SPY short, adding to it, being patient and waiting for good setups.  This is not the time to chase.

Key SPY Pivot Levels: Old high 190,  50 dma 195.60, 190 gap fill and support level

SPY 8-21-14

Under the Hood and Trading Game Plan:

SPY cleared new highs today on low volume, poor breadth and a weak price bar.  However, it’s still at new highs, and continues to float upward though conditions are very overbought.  I took a small feeler position via $SPXU and will look to add if we show more strength Friday.

Note that the fed Jackson Hole gobbledygook is starting, and we could get some overreactions to some of the nonsense that comes out of that symposium.

I am still looking for quality long setups in individual stocks, taking a cautious approach, having no problem being mostly in cash, and waiting for pullbacks.  The time to get aggressive will come.

Current Trades

I am still holding TWTR.

The Trade Journal 

The Focus List

Most of the focus list is extended.  These are the 3 focus list stocks I am looking at for possible entry tomorrow.

BIDU has formed a post earnings breakout range.  Entry near lows of the range.  Stop under the range and target near high of the range.

BIDU 8-21-14

KORS is showing some signs that it might be bottoming or ate least in line for a gap fill move.  Entry on pullback range of $80.25-81.  Stop $79 and target $84.

KORS 8-21-14

NLNK is a biotech pulling back on low volume to moving average support.  Entry $23.90-24.25.  Stop at $22.90 and target near $30

NLNK 8-21-14

Short Setups:

My focus now is shorting SPY via SPXU.

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.

What jumps out at me with the market leaders is that on a day where the market made all-time new highs, the market leaders are barely making minimal gains and are not at all time highs.  CAT is at gap fill.  Might be a decent short setup.

Market Leaders 8-21-14

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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Paul Singh Administrator

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