Swing Trading Strategy:

Closed my last remaining half of the Splunk (SPLK) trade yesterday at $161.32 for a +9% profit. Also made a nice day-trade in Tesla (TSLA) that I scaled out of for a gains that were as high as +11%. One of my short positions was also stopped out – PNC for a -3% loss. I added a couple more long positions yesterday too. 

Indicators

  • Volatility Index (VIX) – Declined for a fourth straight day – taking another 1.3% decline and pushing it back below 15 to 14.96. 
  • T2108 (% of stocks trading above their 40-day moving average): Breadth in the market was notably weak yesterday despite the market rallying for a fourth straight day. A decline of 4% was also had on the T2108, following a sell-off in small caps. 
  • Moving averages (SPX): Trading above all the major moving averages. 
  • RELATED: Patterns to Profits: Training Course

Sectors to Watch Today

Six of the eleven sectors traded lower yesterday, while Telecom and Technology lead the way. Financials saw a reversal at new all-time highs, and Energy, which I have come to hate just for the lack of conviction on any kind of bounce, managed to reverse Wednesday’s gains as well. 
patterns to profits training course

My Market Sentiment

swing trading strategy outlook 589

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