Quick Summary:
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way. It is important to know these rules if you trade off the Report.
New focus list addition EQM. YY, LNKD, NFLX nearing buy zones. Watching market leaders Z, GS and GOOGL. ETFs DUG and EPI in play. Still holding YELP, WOOF, FB and CSIQ.
The Market
Key Pivot Levels: 196.48: new high resistance 189.76: 50 day moving average 181.31: recent low 181-184:
Under the Hood:
SPY held the top of yesterday’s bar, which was impressive given post-fed day history. Notice that the bollinger band has gone from uptrend to flattening out. This could be a signal that the market is about to stall. I might take a shot at shorting if price hits $197, though it is not the highest probability setup out there.
Trading Game Plan:
Possible SPY short.
Focus list stocks can be played according to setup without regard for the market. I currently have no short setups, though AAPL could go either way.
Current Trades
I am still holding a half position in YELP and full positions in WOOF, CSIQ and FB. All setups are still available as longs.
Here is the Trade Journal with current open and past closed positions. Note that FB and CSIQ have not been updated on the spreadsheet
The Focus List
LNKD, NFLX and YY could pullback to entry levels tomorrow. ETF DUG is in play on weakness (see yesterday’s analysis).
New Addition:
In 2014 momo stock EQM has followed the pattern of running up, basing and breakout out. It looks like it is starting to base again, but this time with more volatility. I will look to enter on pullback to $92.50-$93.50 with a stop around $91.
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.
We will stalk GOOGL in the coming days to see if it breaks the W pattern at $570. GS is a pullback entry at $165-166. Z at $125. AMZN at $320. I doubt any get hit tomorrow, and if they do it will probably be too hard of a fall.
Sector and International ETFs
Keep an eye on DUG which is moved to the focus list.
India ETF EPI is in play as it forms a range after a big run up. Notice that the 50 dma is converging with a support level. I like it in the $21.50-22 range, the closer to $21.50 the better.
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