Added to SPY short today. Focus list stocks still near entry levels. Two new additions TSLA and BIB-biotech breaking out.
Video Analysis (3 minutes):
Intra-day video still applies with analysis of SPY/SPXU, focus list and the idea that we should be patient and wait for setups to come to us.
Key SPY Pivot Levels: Old high 199, 50 dam 196.14, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
SPY made a decent enough .5% gain today, but little has really changed in terms of technicals. I added to my SPXU trade making it a full size position. For a review of SPY, watch today’s video and yesterday’s report.
The current game plan is to manage the SPY short position. I continue to look for long setups on momo stocks, but will not chase.
I am still holding TWTR, and added to the SPXU position today.
I am playing the stop by “feel”. If I had to give a stop for SPXU, for those who can’t watch or are working, I would likely make it around $43. There is no resistance since we are in new highs, so this is based solely on the projected target of $46-47 and getting 2:1 on the trade. This should be combined with not risking more than 1 percent of your account.
The Trade Journal
The Focus List
Finviz link to easily follow the focus list.
All of the focus list remains within the trading range but not yet at entry levels.
Biotech ETF IBB broke out strong to new highs today. We have a number of biotechs that we are watching, though I know some of you shy away from the volatility of individual biotech stocks. Those who want a somewhat safer route can trade IBB, or for some leverage, BIB.
BIB broke strong to recent highs. I like an entry on pullback with a stop at $99.50.
TSLA is nearing new highs. Technicals look strong, and stochastics are not overbought even with price near highs. Look for a strong breakout of the $265-266 range. I also like an anticipatory entry on pullback to say, $255.
My focus now is shorting SPY via SPXU
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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