Swing Trading Strategy:
I added two new long positions and topped it off with a “just in case” short position for the portfolio. I closed out Steris (STE) for a 1% loss – the stock has literally done nothing for me the past month or so that I have owned it. Earnings tomorrow, and no way I’m holding through that. Selling on Friday after hitting all-time highs the day before, I’m kind of thinking this is a a “sit-on-your-hands” trading day and let the market play itself out some – see where it wants to go. If the action is definitive, I’ll look to add something to the portfolio.
Indicators
- Volatility Index (VIX) – Declining trend-line off of the July highs of last year has offered up some support so far for the VIX, as it managed to bounce 3% yesterday to 15.47.
- T2108 (% of stocks trading above their 40-day moving average): A hard decline of 8.5% Friday, takes this indicator back to 48%, despite being only 1% off of the all-time highs, and signaling that this market strength of late is all about the strength of a handful of stocks and not the collective bunch.
- Moving averages (SPX): Trading above all the major moving averages.
- RELATED: Patterns to Profits: Training Course
Sectors to Watch Today
This Telecom sector is one difficult area to get a handle on. Hard movements both higher and lower, but since September, it hasn’t actually gone anywhere. Same with Staples, except it hasn’t made a noteworthy move since December. Energy still refuses a bounce of any kind, as it is quickly trying to give up its mid-week gains of last week.
My Market Sentiment

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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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