Quick Summary:
SPY continues back and forth trading. Focus list stocks near entry. Today’s entry DGLY. Current position GWPH holding remount of moving average. PCLN and Z removed from market leaders.
Video Analysis (4 minutes):
Intra-day analysis of focus list stocks and trade entry DGLY.
Key SPY Pivot Levels: Round number $200, Old high 199, 50 dam 197.27, 197.50 and $196.50 gap fill and support levels
Under the Hood and Trading Game Plan:
More back and forth as SPY closed again above $200. Our analysis has not changed as we wait for a break of $200 and $199. Notice that while SPY has not pulled back but consolidated, a number of stocks have pulled back. Even if we don’t get the pullback, this consolidation could still be beneficial in creating setups.
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.
Current Trades
I am still holding SPY short via SPXU, and long SCTY and GWPH.
I entered $DGLY today on pullback toward the bottom of the breakout bar as todays’ gap up looked to start a new move. Stop is below the trading range with an initial target at $27.50 and next at $32.
GWPH closed strongly above the moving average today. This is the type of close I have been waiting for and may consider adding to the position.
The Trade Results Journal/Spreadsheet is up to date.
The Focus List
Finviz link to easily follow the entire focus list. Most positions entry charts remain as annotated earlier in the week.
These focus list stocks are all near previously discussed entry levels (video and reports).
Short Setups:
My focus now is shorting SPY via SPXU
Market Leaders
Z and PCLN have been removed from market leaders. While they may not necessarily be broken, I don’t feel they give me a clue to their respective industry/sector as they once did.
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Analyze 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).
