Pre-market update:
- Asian markets traded 0.2% lower.
- European markets are trading 0.3% lower.
- US futures are trading 0.1% lower ahead of the market open.
Economic reports due out (all times are eastern): Jobless Claims (8:30), Wholesale Trade (10), EIA Natural Gas Report (10:30)
Technical Outlook (SPX):
- That was an amazing bounce yesterday where SPX rallied 43 points off of its lows of the day.
- The 30-minute chart shows the potential for a double bottom pattern, but needs to confirm it at 1978.
- 1978 is really the key level for this market. If SPX recaptures it, then it creates a higher-high for the market to work off of.
- Otherwise, we still remain trading in a defined downtrend.
- VIX dropped 12.2% down to 15.11.
- The market doesn’t care about the economy nor earnings. That is not what is driving it. The market only cares about what the Fed is doing to keep equities propped up.
My Trades:
- Did not close out any positions yesterday.
- Added one additional short position yesterday.
- Remain long CMG from $668.00, BAC at 17.22, SH at 23.38
- Remain short BKD at 32.61.
- 20% long / 30% short / 50% cash.
- Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone
Chart for SPX:
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
In today's episode, it swing trading really worth it when you have a full-time job and does it make sense to spend the time and resources towards becoming a successful trader when you already are working that 9-5 job that doesn't really let you focus on the stock market each day? Ryan will cover how he traded when he was in the corporate world, and the strategies that one can use to allow you to find success in the stock market, even when working full-time.
Be sure to check out my Swing-Trading offering through SharePlanner that goes hand-in-hand with my podcast, offering all of the research, charts and technical analysis on the stock market and individual stocks, not to mention my personal watch-lists, reviews and regular updates on the most popular stocks, including the all-important big tech stocks. Check it out now at: https://www.shareplanner.com/premium-plans
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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