Black Friday Day Trading 11-27-15

Black Friday Day Trading 11-27-15Some day traders feel the need to have a position on at all times.

If they have available buying power, they look for a reason to use it. They are talking themselves into a trade. When they get out of a position, they reverse, instead of eliminating one side of the market and looking for another entry in the same direction.

Does this describe your stock trading? If so then you’re trading for action instead of ROI. I’m sure you believe you are trying to make money but you’re not. You are filling a desire to excitement.

Take a deep breath and think about why you are trading. The stock market is an expensive place to get your adrenaline pumping.

The quickest way to fix this, is avoiding the exit and reverse trade. Stick to one side, at least you will be trading with a trend.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Black Friday Day Trading 11-27-15

 

Day Trading Game Plan: The SPY ETF Outlook

The SPY closed within .20, four days in a row and produced 4 out of 5 doji type candlesticks. Still above the 20 ema but far from a solid long. The overhead resistance is significant and the short-sale is not the correct trade. We have room for one more trend day higher.

(click the chart for a full view)

Black Friday Day Trading 11-27-15

 

Pete’s Notes:

  • Many financial stocks still above the 20 ema. GS is not one of them. AXP weak as well.
  • HD and LOW need a break but keep them in your tracking journal for a long.
  • Plenty of inside days to watch today for a breakout.

Charts in Focus

TJX | The TJX Companies, Inc

After an island bottom TJX rallied back above the 20 ema and the 50 sma. A strong close with solid relative volume, the next upside target is $74.25.

(click the chart for a full view)

Black Friday Day Trading 11-27-15

 

Black Friday Day Trading 11-27-15

Black Friday Day Trading 11-27-15

Relative weakness yesterday compared to the SPY positive change from the open:

> 20sma | positive week | closed 2% higher from the open: AGN, BBBY, EA, GMCR, QUNR, RAX, VRX

<20sma, negative last 5 days and closed 2% lower from the open: dow, tmus,

Bullish Ideas ATR/Volume/Price: BABA, NFLX, MCD, AGN, HD, LOW, TEVA, HON, VLO, TJX, NKE, ROST, AMZN, CTRP, LLY, CRM, TAP, AMGN, PSX, COST, NSC, TSO, ADSK, GOOGL, ADBE

Bearish Ideas ATR/Volume/Price: race, prgo, car, cf, akam, dks, wdc, gme, jwn, mar, aet, celg, wynn, unp, etp, ual, fit, m

Weak Stock Weak Close: aet, bhp, gme, tmus

Strong Stock Weak Close:

Weak Stock Strong Close: bbby, fit, gpro

Strong Stock Strong Close: wtw, agn

20 day Breakdown: bhp, terp

20 Day Breakout: ACAS, AGN, MDRX, SRPT, TSN

2x Normal Volume: ACAS, DE, PFE, HPQ, GMCR

Watch List Longs: KO, JPM, MCD, JNJ, HD, DIS, VLO, TJX, AMGN, COST, TRV, INTC, EBAY, LOW, DD, BRCM, KLAC, ADBE

Watch List Short: tgt, bby, adm, cvs, axp, aet, csco, qcom, m, ual, lvs, wynn, ntap, akam

Inside days: ge, aapl, msft, ko, c, xom, orcl, jpm, ebay, ms, hal, csx, cvx, jnj, axp, usb, v, lvs, luv, vlo, anf, rai, ibm, dg, mo, oxy, apc, kss, apa, wynn, aep, dvn, ma, hes, duk, ntap, ba, gs, ups, tso, vmw, cost, bhi, ua, vmw, googl

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