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
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.
Stocks to Trade |Tuesday June 9, 2015
- 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.
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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