My Swing Trading Approach
I want to see early on, whether this market wants to hold the gains from yesterday and the previous four trading sessions. If so, then I will add more long exposure. Otherwise, I will curb risk further.
VIX – Saw the sub 10 reading, which is where you should start getting conservative with existing profits and raising those stops. Six straight down days on the VIX – should be ready for a pop.
T2108 (% of stocks trading below their 40-day moving average) – At 62% but testing declining resistance off of the March 2016 highs. Could be a problem for stocks going forward.
Moving averages (SPX): Above all the MA’s now – but flirting with a test of the 5-day MA.
Industries to Watch Today
Biotech has my attention. Some nice setups in that sector, and the industry as a whole looks to be on the verge of a breakout. Financials still rallying hard, Industrials through the roof, Energy bouncing still, but Communications and Utilities slacking.
My Market Sentiment
Likely to see a quiet market ahead of tomorrow’s FOMC Statement and Presser. Some profit taking wouldn’t be surprising either.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 5 long positions, 1 short position
Recent Stock Trade Notables:
- Nvdia (NVDA): Long at $170.45, closed at $187.94 for a 10.3% profit.
- Tyco Connectivity (TEL): Long at $80.15, closed at 82.58 for a 3% profit.
- Netflix (NFLX): Long at 177.75, closed at 182.30 for a 2.6% profit.
- Micron (MU): Long at $31.12, closed at $31.94 for a 2.6% profit.
- WYNN Resorts (WYNN): Long at 138.20, closed at $141.37 for a 2.3% profit.
- Netflix (NFLX): Long at $168.69, closed at $173.06 for a 3% profit.
- PSQ: Long at $39.28, sold at $38.34 for a 2.3% loss.
- SPXU: Long at $14.68, closed at $15.42 for a 5.0% profit.
- Tesla (TSLA): Long at 365.09, closed at 356.15 for a 2.4% loss.
- United Parcel Service (UPS): Long at 113.58, sold at $114.74 for a 1% profit.
- First Solar (FSLR): Long at $48.07, sold at $49.10 for a 2.1% profit.
- Facebook (FB): Short at $168.31, covered at $170.62 for a 1.3% loss.
- SDS: Long at $49.81, closed at $48.88 for a 1.8% loss.
- SPXU: Long at $14.51, closed at $15.25 for a 5.1% profit.
- Zayo Group (ZAYO): Long at 32.91, closed at 33.83 for a 2.8% profit.
- JP Morgan Chase (JPM): Long at $94.91, closed at $93.83 for a 1.1% loss.
- Bank of America (BAC): Long at $24.48, closed at $25.01 for a 2.2% profit.
- Alibaba Group (BABA): Long at $151.69, closed at $153.43 for a 1.2% profit.
- Salesforce (CRM): Long at $90.86, closed at $89.43 for a 1.5% loss.
- Autodesk (ADSK): Long at $106.45, closed at $111.34 for a 4.6% profit.
- Bank of America (BAC): Long at $23.99, closed at $24.23 for a 1% profit.
- IBB: Long at $313.18, closed at $324.25 for a 3.5% profit.
- SPXU: Long at $14.82, closed at $14.58 for a 1.6% loss.
- Alibaba Group (BABA): Long at $143.65, closed at $150.40 for a 4.7% profit.
- American Airlines (AAL): Long at $49.26, closed at $51.84 for a 5.2% profit
- Intel (INTC) Short at $35.21, covered at $34.46 for a 2.1% profit.
- Nvdia (NVDA): Long at $155.57, closed at $157.53 for a 1.3% profit.
- IBB: Long at $298.24, closed at $303.74 for a 1.8% profit.
- SPXU: Long at $15.68, closed at $15.25 for a 2.7% loss.
- Whirlpool (WHR): Long at $190.46, closed at $195.19 for a 2.5% profit.
- Ferrari (RACE): Long at $84.60, closed at $89.93 for a 6.3% profit.
- Amazon (AMZN): Long at $964.70, closed at $1001.23 for a 3.8% profit.
- American Airlines (AAL): Long at $49.18, closed at $50.62 for a 2.9% profit
- Alibaba Group (BABA): Long at $124.95, closed at $137.51 for a 10.1% profit.
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.