SPY analysis has not changed. Some focus list stocks look ready to pullback. Today’s entry TOUR. Still holding SPXU.
I am trading and writing remotely today, so no video. The regular intra-day video will be back tomorrow. In the meantime, you can view a blog post about the breakout-remount setup, with a video illustration.
Key SPY Pivot Levels: Old high 199, 50 dam 196.41, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
Uneventful day today, though it was the first day there was not a gain. Our analysis still applies. Key levels to watch if the old high at $199 is violated are $197.50 and $196.28. This second moving average support would provide good entry for individual stocks we are watching.
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 SPXU as a way to short SPY.
I entered TOUR today at $19.75. It has pulled back from the 50 dma and could bounce here. Stop is at $18.90 and initial target is near highs around $24. This gives us a 4:1 reward to risk ratio.
I only took half my normal position size due to overbought market conditions. If we get a pullback, stops on this trade will likely be hit.
The Trade Journal is updated.
The Focus List
Finviz link to easily follow the focus list.
BIDU, MNST, KORS and TOUR are all near entry level as discussed in this week’s reports.
BCRX, GMCR, GWPH, PRTA and JEC could be starting pullbacks toward entry levels.
My focus now is shorting SPY via SPXU
NFLX, TSLA, FB and Z all look to be starting pullbacks. GOOGL is a focus list stock but today violated the 50 dma.
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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