Stock Market Today | Trading Game Plan June 9

Tough time finding great trade set ups this morning.

Quite a few stocks are looking at completing momentum type moves or nearing support or resistance. Essentially this translates into lower profit potential on many of these stock trading ideas.

The quote we use frequently in our game plan room is “It’s a good long, but not a good long now.” This means you are on the correct side of the trade but the reward potential for the trade is getting closer to one with risk which makes the trade not worth the risk (unless your trading plan is scalping where1-1 risk/reward is common.

Today is setting up a day to be patient. When trades are hard to find, they aren’t there.

The stock market today is at an interesting point. Is this profit taking or have buyers finally exhausted their positions?

Quite a few inside days. Breakout trades from the consolidation day, could be the best scenarios today for stock traders.

Stock Market Today: Map of the S&P 500

stock market today

Day Trading Game Plan: The SPY

SPY ended yesterday with 3 well-offered candles in a row (lower lows and lower highs). We are trading lower pre market, I am anticipating a lower open and a spot to be a buyer.

stock market today

Stocks to Trade |Tuesday June 9, 2015

Pete’s Notes:

  • Tough to find great risk/reward today
  • AAPL conference took price action back into the 125-129 range. Not much of an edge there.

Interesting Chart Lessons:

NTAP weak stock test of the previous day’s high, found sellers and gave us a nice trend day, short-sale opportunity.

stock market today

Earnings in play today > 1M avg shares:

Bullish Ideas ATR/Volume/Price: YOKU, FEYE, GPRO, GILD>115, CYBR, TSLA, GS

Bearish Ideas ATR/Volume/Price: kors, aal, gmcr, hes, rrc, wynn, nsc, unp<100

Weak Stock Weak Close: luv, ual, wynn, ntap, stx, mu, yelp, wdc

Strong Stock Weak Close: YOKU, FEYE, TMUS, CIEN, CFG, AGI, EBAY, AIG

Weak Stock Strong Close:

Strong Stock Strong Close: CYBR, TSLA,

20 day Breakdown: mu, aal, ual, hes, rai,

20 Day Breakout: TWX, CYBR, JD

2x Normal Volume: cybr, feye, qihu, lulu, cfg, jd

Watch List Longs: AET, PNC, M, INTU

Watch List Short: kss, chk, wmt, cvx, cost, trv, jnj<98, ntap, qcom,

Inside days: ge, bmy, cop, kmi, sbux, schw, bk, myl, oxy, abt, yoku, apc, vlo, zion, d, cat, nem, nov, ba, eog, ma, wy, sndk, gs, nke, gps, gmcr, urbn, de, rcl, cam

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Leave a Reply 2 comments

bob curran Reply

hello, Pete how long or what has to happen to have a stock go from short list to the other side or neutral ,what do you look at to determine that switch ,bob

    Pete Renzulli Reply

    Hi Bob
    this is a great question and it really depends how you track and identify a trend
    If you use moving averages it can be when price crosses or when the faster moving average crosses the slower one.

    Or using moving averages if you want to be more conservatives you would wait for the first flag or pause after the moving average cross.

    Same goes for those drawing trend lines. The distinction needs to be made when you identify a potential change of trend versus a confirmed change of trend

    any of the ways I just mentioned will work.

    One big thing to remember is a trend will very rarely change quickly. For example: you may have a stock that is a solid buy on a pull back or flag (in an identified up trend) then (for example) lets say the stock has two exaggerated days of selling pressure and now are trading below your key moving averages. This is where you need to read more than just the last price.

    In my coaching group, I would ask the member if a stocks was a solid buy two days ago did that now become a solid sell short? I would say no.

    Could you justify a sell short? Maybe. But it would not be the best short in your progression. The best shorts are stocks in an established downtrend.

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