The market wiped out two months of gains yesterday with what is being reported as a reaction to political events. While this may be true, we already spotted weakness at all-time highs as the market was narrowing and there was no follow though on the breakout (which is why we took quick profits in TSLA and FSLR pre-breakdown). This is the time many traders lose months of gains. We made out well breaking even (and up if we add TSLA and FSLR to results) with an active day taking profits in UWT and NVDA short, stopping out X, FB and LABU, and adding breakout trade RRGB.
Now is the time to be patient, take selective trades, and get aggressive when the market flashes a strong signal. No need to play hero and guess and continuation or bounce.
We continue to watch VIX closely (UVXY), along with our focus list, earnings breakouts and relative strength stocks like MZOR and PLSE.
Premarket we are seeing weakness and Brazil is getting crushed. Oil is down.
Today’s watch: UGLD, JNUG, UGLD, UVXY, NVDA, SPXU
Long Focus List: AAPL, NVDA, AMZN, GOOGL, NFLX, BABA, MZOR, SNAP, TTD, LABU, PLAY, EXAS, GIMO, WING, WYNN, RACE, Z, OLED, XENT, HIIQ, AAOI, HLF, TOL, DHI, LEN
Current Positions: Took profits in NVDA short and UWT. Added RRGB breakout play. Stopped out X, FB, LABU.
ETF List (for post fed longs and shorts analysis): SPY, IWM, QQQ, SMH, IBB, XHB, XLF, USO, XLE, EWZ, RSX, GLD, HACK
Please read the Education Archive and posts 23 Laws of the Part Time Swing Trading the Market Speculator Way
How To Use Swing Dashboard: https://bullsonwallstreet.com/how-to-use-the-new-swing-trader-dashboard/
Chat With Traders Interview: http://chatwithtraders.com/ep-058-paul-singh/
29 Essential Trading Posts For 2016: https://bullsonwallstreet.com/29-essential-swing-trading-posts-2016/
February Q&A: https://bullsonwallstreet.com/swingtradingwebinarqa/
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