Swing Trading Strategy:
Incredible day yesterday as I finally closed out my Virgin Galactic (SPCE) trade at 33.41 for a 77% profit. Really fun trade, followed the plan, and exited when it wouldn’t let me stay any longer. I added one new long position as well as a short position.
Indicators
- Volatility Index (VIX) – VIX popped 8.4% but price action did little to follow suit to the downside. Likely that it gets quickly hammered today, if the market rally continues.
- T2108 (% of stocks trading above their 40-day moving average): Third straight day lower on T2108 as it continues to diverge from market price action, particularly from the Nasdaq.
- Moving averages (SPX): Trading above all the major moving averages.
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Sectors to Watch Today
The Utilities sector is is taking a hit off of NextEra Energy (NEE) selling off. Also, Real Estate finally showing signs of weakness, but the uptrend remains very strong. Technology pushing stocks higher as $AAPL is determined to recover from yesterday’s sell-off. Energy has been rallying the last couple of days, but recent attempts to play the bounce says to not trust it at all.