Trading Notes: As is the norm with FOMC days, I won't be taking any new trades ahead of the Statement release and the presser. These tend to be some of the most volatile trading sessions and as a result, adding a new position to the portfolio takes on unnecessary risk. [...]
Today's Reading for 3/19/24: 68.14 Current Reading: Tilting Bullish Additional Notes: Good market bounce today, followed by participation in the small caps has the Stock Market Oscillator starting to pop again ahead of the FOMC on Wednesday. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically seen in strong [...]
New Long Setup: AAPL I BOUGHT AAPL at 175.55 My stop-loss: 168.47 My Target Price: 191.00 Risk Rating: 2.8
Trading Notes: Semis taking a big in the pre-market, and set up for a big move lower, if the dip-buyers don't show up. Other sectors as well joining in the weakness ahead of the opening bell. FOMC Statement tomorrow, which will be its own set of fireworks to contend with. [...]
Today's Reading for 3/18/24: 64.39 Current Reading: Tilting Bullish Additional Notes: Market internals are starting to diverge again from large cap price action, and you're seeing similar behaviors out of the Stock Market Oscillator as well. Interpreting the Chart: 0-10 is "Extreme Oversold" and is typically seen in strong 'Risk-Off' [...]
How to Spot Bull Flag Patterns for Profitable Trading Are you looking to improve your profitability and swing trading results by learning how to spot and trade bull flag patterns? Bull flag patterns are one of the most reliable and profitable chart patterns for swing traders. For me personally, it [...]
Trading Notes: SPY finished lower for two straight weeks - something that hasn't been seen since October of last year. However, the pullback was hardly one, and to the eye, it was more of a sideways chop. Major news week with the FOMC Statement coming out on Wednesday and likely [...]
Today's Reading for 3/15/24: 65.64 Current Reading: Tilting Bullish Additional Notes: Getting close to more of a neutral reading on this market as SPY and Nasdaq saw their second straight week of declines - something not seen since October of last year. Interpreting the Chart: 0-10 is "Extreme Oversold" and [...]
I closed 1/3 of TSCO at 257.07 for +2%
Trading Notes: Futures continue to fade ahead of the open. Semis continue to push lower for the fifth time in the last six days, which will inevitably weigh heavily on the rest of the market, particularly large caps. That could set the stage for an "everything not tech" rally, or [...]
Today's Reading for 3/14/24: 67.37 Current Reading: Tilting Bullish Additional Notes: Interesting development, as the Stock Market Oscillator had its first back-to-back declines since February 2-5 of last month. That is a long stretch for that to not happen. And the turn happened at some resistance on the oscillator in [...]
I closed out SMH at 218.95 - stop-loss triggered.
