Episode#2 of Stocktwits "thingamajigger" - that needs to be patented...LOL!
Challenging market when neutral. Not sure if many are catching this move. If so, kudos and bottle up these wins!
Strategy - let the tape move in and out of positions. Let stops work. Have a plan for each and every trade. Know your stops. Portfolio naturally moves back to cash. Not an immediate re-deploy of capital. Stay out of emotional fray. Let the tape move back in. All about position management...trades not turning into investments.
Thesis is Longs will/could start to set up. Identify entry and stops.
Let trades be 100% mechanical, but not always the case. Always know where stops are and where profits points are.
Charts - same position as 8 days ago, but feels different. Coming back into critical overhead resistance area. Emotional capital trapped here.
Semis - shining star on huge gap. Could be a evening star.
Its ok to wait and be patient.
S&P going back into right shoulder. Let it play out.
BJS - hit first profit target and took 1/3...raised stop to entry. Will be out of trade before it reports earnings.
MA - still in, but painful. Stop 175. Watching emotional level. About $5 underwater.
PCLN - stopped out at 110.
QID - not so graceful exit here.
ARO - short stopped out at open.
XRT - still short. Within 4 pennies of stop.
Mentioned buying strength, leadership from reading Howard Lindzon's book, seen at Amazon here: http://bit.ly/2IDWa
Mentioned checking macro idea's/emotions at the door. Look at longer term charts. Example of auto-parts index at new all time highs. Break down trading in time frames.
AAP - looking at Weekly. Multi-year consolidation. If it breaks out of consolidation, with high volume, then will buying. Would set stop around 40.50 from early June. Need to adjust size accordingly. Give it a long enough leash.
GHL - financials are leading. Moving sideways. Previous attempts. Stopped on each occasion. "Longer the base...higher in space."
Remember, this is marathon, not a sprint.
Questions
GOLD. Likes the GOLD weekly.
QSII - watching for a long time. Weekly moving sideways. Breakout early 2009. Consolidating recently. Watch Daily chart for a prudent point of entry.
ATML - referred to MCHP - all the semis are ripping. Looking similar as this group is leadership. Watching LLTC. Trend line from February.
GOOG - broken out of big weekly train. Not a buyer or steeping in front of freight train here.
SMH - not chasing here.
CPRT - could have some catch-up ability. Stick with other car names mentioned.
FITB - looks good. If play, place stop below 50 day.
Overall Strategy - wait, watch, let stops work and start to move in with prudent points of entry.
No comments:
Post a Comment