The market definitely puked on the Existing Home Sales report, but the damage isn’t all that bad from a daily perspective – it’s just that it wiped out our early gains quite convincingly. Nonetheless, I am still focused on trading to the long side and will continue to do so, until this market experiences a legitimate change in character (i.e. the charts start showing some damage). WIth that said below are the Daily Long and Short Setups. The long setup is Amylin Pharmaceuticals (AMLN) a stock I’ve traded plenty of times, but because it is a biotech stock, is subject to some wild overnight price swings. The other one is Cemex (CX) which has gotten hammred this year, and looks to resume the downward trend already in place.
LONG: Amylin Pharmaceuticals (AMLN)
SHORT: Cemex S.A. (CX)
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Trading what you see and not what you think is one of Ryan's popular trading expressions that he has lived by in his 30 years of trading experience. In this podcast episode Ryan explains why it is so important to not think your way through the market but to be a trader who sees what to trade and reacts accordingly. If you are struggling as a trader, it may very well be that you aren't seeing but thinking your way through your swing trades.
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