Exhausted SPY Gets Oversold Pause 1-11-16 | Stocks to Trade

Exhausted SPY Gets Oversold Pause 1-11-16 | Stocks to TradeQuite a few “long-only” stock traders having a rough start to the year.

I feel your pain but there is a solution. Stay in cash.

We are here to make a living, not to act like greyhounds running in a circle, when the bell rings.

Our job as day traders is to accept risk, when the odds are stacked in our favor. Not many stocks last week, met that criteria long.

It’s OK to do nothing. We get paid for our skill, not by the hour.

That’s why we became traders in the first place…

Don’t be anxious, frustrated or angry. Be prepared.

Stock Market Today: Map of the S&P 500

(click the map for a full view)

Exhausted SPY Gets Oversold Pause 1-11-16

Day Trading Game Plan: The SPY ETF Outlook

SPY price action held a long-term up trend dating back to 2011. The next support is $189.75. Massive selling with volume last week, sets up a day of consolidation in the general indices. Today’s trading  must to have a game plan before 9:30.

(click the chart for a full view)

Exhausted SPY Gets Oversold Pause 1-11-16

Pete’s Notes:

  • Oversold bounce set to open higher (7am). Will it stay there?
  • Oil continues to be met with selling. One more flush down and we are looking at capitulation.
  • Basic materials and financials took the hardest wave of selling pressure last week.
  • Day trading mode on any long ideas until the SPY trades back above the 20 ema on the daily chart.

Technical Analysis | Charts of Interest

NEE NextEra Energy, Inc.

Buying Opportunity

NextEra Energy rose 15% in December and showed solid relative strength to the market last week. A buy-stop above $106 sets up a profit target of $109.23.

(click the chart for a full view)

Exhausted SPY Gets Oversold Pause 1-11-16

 

Exhausted SPY Gets Oversold Pause 1-11-16 | Stocks to Trade

> 20sma | positive the last 5 days | closed 2% higher from the open: RRC, AR

< 20sma | negative last 5 days | closed 2% lower from the open: gps, amba, fosl, stx, mxim, jwn, tjx, wdc, wynn, ua, grub, mpc, dks, tgt, mjn, bx, aer, hfc, fti, len, c, kors, bwa, fl, car, baba, nov, txn, nue, mos, ba, vfc, mbly, ma, cop, cma, bidu, pnc, wmb, sti, crm, googl, cof, hd, met, fb, swks, amzn, fit

Bullish Ideas ATR/Volume/Price: FSLR, BXLT, NEE

Bearish Ideas ATR/Volume/Price: amba, jwn, wdc, wynn, ua, mjn, len, baba, ba, mbly, cop, bidu, lrcx, slb, pnc, wmb, crm, ups, cof, cvx, cf, avgo, kmx, nfx, gs, swks, eog, fit, gild, aapl, lvs, ea, apc

Weak Stock Weak Close: gps, amba, stx, jwn, wdc, wynn, ua, dks, mjn, bx, aer, fti, len, c, fl, bwa, car, baba, nov, txn, mos, ba, vfc, cop, cma, bidu, wmb, sti, jci, cof, met, swks, fit

Strong Stock Weak Close: FSLR, BXLT, TMUS

Weak Stock Strong Close: gps, amba, stx, jwn, wdc, wynn, ua, dks, mjn, bx, aer, fti, len, c, fl, bwa, car, baba, nov, txn, mos, ba, vfc, cop, cma, bidu, wmb, sti, jci, cof, met, swks, fit

Strong Stock Strong Close:

20 day Breakdown: gps, amba, stx, tjx, mjn, len, c, nov, txn, ba, jpm, xlnx, dlph, ma, payx, lrcx, wfc, utx, wmb, jci, cof, met, kmx, akam, intu

20 Day Breakout: D, NEE, SE

2x Normal Volume: TWX, GPS, BBBY, MXIM, PAYX, D, APA, MJN, AET, STX

Watch List Longs: MCD, MO, WMT, T

Watch List Short: wynn, len, c, m, txn, csco, amat, nue, tol, ntap, hpq, intu, hd, intc, qcom, dd, akam, ebay, lvs

Inside days: aapl, msft, gild, ebay, dis, sbux, aal, atvi, luv, swks, mo, lvs, bxlt, fit, dd, lly, rai, amzn, ctsh, gs, urbn, gis, cf, esrx, rlyp, amtd, dhr, pxd, dks, ftnt, aem, dg, hcn, scty, lng, csiq, qunr

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Leave a Reply 2 comments

bob Reply

thnx for a well said game plan for TODAY–

    Pete Renzulli Reply

    thank you Bob
    Have a great day

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