Keep this short watch-list handy if the market fails to follow through on the upside
The past two days (minus the first 15 minutes of trading on Friday) have been quite frustrating. Not so much from a profit/loss stand point, as much as nothing is really moving in this market. There is no collective action on behalf of stocks, and that can often times take otherwise, great setups, and make them languish and adrift, which is something I prefer not to have considering the short-time window I usually hold trades for.
My bias is still to the upside, but I cannot ignore the need for this market to pullback, so be sure to keep this watch-list handy in case this sideways consolidation we are seeing finally leads to that long-awaited reversal.
Top stocks to watch on the list
SodaStream (SODA): Broke long-term channel, and bear flagging underneath.
Illumina (ILMN): Currently basing after a significant sell-off. Support being tested and if it breaks…watch-out!
Petsmart (PETM): Sell-off in progress, but has bounced in recent days back into resistance offering an idea opportunity to get short at.
Welcome to Swing Trading the Stock Market Podcast!
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Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
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Watching the dollars rise and fall in your trading account can turn a well-planned swing trade into an emotional, deeply personal decision. In this episode, I explain why focusing on price action, percentage returns, and R-multiples can help you avoid cutting winners early, holding losers too long, and abandoning your trading plan.
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