The worst scenario for traders is market apathy. We are pretty close to that right now.
We don’t make the stock market, we trade it. We hop on the back of order flow.
If we weren’t trading near all-time highs, the discussion would be about a 4 month trading range.
For some reason the historical level makes it less obvious. I am not an investor, I don’t care a bout setting new records each week in the indices.
I want price action I can sink my teeth into for more than one day. This tape is driving a lot of traders batty.
Stock Specific Market as indecision remains…
We are not in a tape that will correct sloppy trading. I actually feel bad for a new trader right now. There is opportunity but you really need to work for it.
A stock specific market means you should not be relying on market indices or internals, there isn’t much of a bias to give you conviction from the big picture. I am not saying the long-term trend is not obvious. It is. But we ar trading day-to-day and there simply isn’t follow-through.
Be picky and let everything else go.
Day Trading Game Plan: The SPY
SPY inside day close above resistance of $212. The close doesn’t mean much above the resistance as volume was putrid on an inside day. Break out mode.
Stocks to Trade |Friday May 28, 2015
Pete’s Notes:
- A ton of inside days today.
- Indices still at historic levels with no sign of sellers but I have more short-sale set ups.
Interesting Chart Lessons:
- SNDK Sandisk: We have been stalking this one for a while. Finally broke out for a nice two day trend. Important to keep these types of trades on your watch list.
Earnings in play today > 1M avg shares:
Bullish Ideas ATR/Volume/Price: YOKU, CTRP, HLF, SWKS, NFLX, TSLA, GS, UNH (122 RESISTANCE)
Bearish Ideas ATR/Volume/Price: kors, gmcr, wynn, rrc, ual, qihu, apa,
Weak Stock Weak Close: cenx, chk, cnx, swn
Strong Stock Weak Close:
Weak Stock Strong Close: ddd, tck
Strong Stock Strong Close: EBAY, FEYE, LLY, YOKU
20 day Breakdown:
20 Day Breakout: BSX, FEYE, GPRO, HOV, JCI, MXIM
2x Normal Volume: DDD, KORS, ANF, JCI, TMUS, MRVL,
Watch List Longs: ADM, BMY, AET, COF, ABT, MS, HON, SBUX, ADBE JNPR, EBAY, AKAM
Watch List Short:kss, bby, xom, trv, ual, luv, ntap, glw
Inside days: GS, JNPR, C, CMCSK, AFL, FDX, TIF, COH, LUV, KR, JWN, VRSN, INTU, YHOO, UNH, AXP, AAPL, DIS, EMC, AMZN, LOW, BHI
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