SPY setup same. Entered DUG today and still holding CSIQ, LNKD, WOOF and FB. New additions to focus list DAL (short) and HCLP. GOOGL setting up.
Key Pivot Levels: 196.48: new high resistance 189.76: 50 day moving average 181.31: recent low 181-184:
Under the Hood:
Nothing changed today in SPY since Sunday night’s analysis. The plan remains the same.
Trading Game Plan:
Possible SPY short.
Focus list stocks can be played according to setup without regard for the market.
I entered DUG today at $36.19. Target is $39 ad stop is around $35. This gives close to a 3:1 reward to risk ratio. This is an oversold bounce or “rubber band” setup.
I am still holding FB, WOOF, LNKD and CSIQ (half position after taking profits). All are above entry levels.
Here is the Trade Journal with current open and past closed positions. The spreadsheet is completely updated.
The Focus List
HCLP comes from the hot industrial metals sector. It has reached new highs after recently correcting at the 20 dma, and now seems to be forming a range just above the old high. I would like to see how it reacts here over the coming days and enter around $54.
I am starting to see some recent high flyers that are beginning to show some distributive volume as price pulls back. I am putting them on a bearish “shorts” focus list. These are not necessarily shorts yet, but it is worth watching to see if they resume trend or start to breakdown.
DAL, and other airline stocks like LUV are good examples. Take a look at how hard the pullback was, on heavy volume. Now we have a bearish flag forming. My initial thought was to watch these stocks because often it’s just an over reaction to coming off highs, but I’m thinking this might be worth a speculative early entry on strength. Short in the $39.50-40 range, with stop at $41 and target at $36 (the intital breakout in late April) offers good reward to risk.
The rest of the focus list remains the same. All stocks moved within ranges and are still near enough to entry points to remain on the list. Use this link to monitor the focus list tomorrow: http://finviz.com/screener.ashx?v=211&ta=0&t=dal,%20hclp,%20NFLX,EQM,FB,FSLR,GMCR,LNKD,RDNT,TSLA,TWTR,YELP,YY,DIG
GOOGL is hitting that level we have been watching for breakout around $575. If it pulls back back a bit it will be a candidate for a pre-breakout play.
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way. It is important that you know these rules if you trade off the Report.
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5 thoughts on “Market Speculator Part Time | Swing Trade Report”
I noticed you added the 20dma in your charts. Any in particular reason why? Does it help with entries on pullbacks? Great job with the reports by the way. I for one appreciate all your efforts.
I just wanted to say thank you for this service. I have tried a great number of services only to find that they do not work for me and my daily schedule. I am so much more relaxed know what my maximum loss will be on any trade. This allows me to periodically check but not worry about my trades when I am unable to be in front of my account. I thank you for your efforts.
that is awesome philip glad you found a home! this is just the beginning we will keep adding to this all summer long to have the best service around!
Philip, I am thrilled at the impact the Report has had on you. That is the intent of the service. Keep me updated with how you are doing!
Guz, I don’t use the 20dma all the time. I find it most helpful for stocks already in a strong trend.
Thanks for the kind words!