Quick Summary:
Looking for SPY to break key levels. Focus list new addition BITA. Discussion of current position GWPH and stop gunning.
Video Analysis (5 minutes):
The intra-day video features analysis of SPY, thoughts behind GWPH position and holding on once stop was hit, along with discussion of focus list stocks.
Key SPY Pivot Levels: Old high 199, 50 dam 196.61, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
SPY continues to be bought just when it looks like it’s ready to break a key level. Nothing has changed as we watch for a breakdown and manage the SPXU position.
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. Biotech continues to be the sector of interest. Oil/gas is also picking up.
Current Trades
I am still holding SPY short via SPXU.
GWPH took a bring drop a little after close today for no apparent reason and rebounded just under the broken 50 dma. I did not exit though my stop was hit, as discussed in today’s video and the alert that was sent in the morning. The pullback had the feel of “stop gunning”–taking out the many who have stops under the moving averages before a run up. My stop now is under today’s low. If I had a full size position I likely would not have the luxury of loosening the stop, but my small position keeps my account risk low if stopped out.
The Trade Results Journal/Spreadsheet
The Focus List
Finviz link to easily follow the entire focus list.
For of the focus list 5 are still within entry range. See yesterday’s report for charts and entry strategy.
BIDU broke out strong today, but is still within the trading range. I am going to look to play a breakout of $227 or a pullback of today’s breakout bar. Either way, I want in.
New Addition:
Our daytrading counterparts, and some of you, have been regularly trading BITA. For those of you how are willing to take more speculative positions and can watch, an half size position entry in the $84-87 range, with a stop around $80-82 offers limited risk. The stock looks headed to round number $100. That target gives us 3-4:1 reward to risk.
Short Setups:
My focus now is shorting SPY via SPXU
Market Leaders
TSLA broke out on strong volume today, continues Friday’s break to new highs. FB broke the $76 level and we can look for a good entry level. Z is within entry 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).
