A lot of frustrated stock traders right now…
If you are one of them, it’s because you are focusing too much on the general indices or the SPY ETF. We are trading a stock specific tape. Follow-through for stocks is there, you just need to dig it out.
You can make money or you can make excuses. Which will it be?
In our trading rooms we spend serious time discussing “working the keyboards.” This means you need to work your watch-list of longs and shorts for the best ideas.
Most traders are paralyzed if there isn’t market direction. I can understand why, William O’Neil says 38% of a stocks price action is related to market direction. This top down analysis makes sense. But what is your plan if the market is directionless?
Today’s game plan blog post had 20 stocks in our short-sale list that produced clean downtrends today. Your excuse for not finding a trade today carries no weight here my friend…
Am I saying stock trading is easy right now? NO…I am say money is out there. Put on your overalls and do some blue-collar over-time.
Scroll down and join us for 30 days, I think you will be glad you did.
Stock Trading Recap Video September 23 2015
End of Day S&P 500 Map 9.23.15
The SPY closed below the trading range we mapped out last week.
Let’s see if we get a trend day lower tomorrow. Tough to call the SPY right now, less than 100 million shares again today.
Stocks in up trends to note, that held up well, were FB and AAPL. ADBE had another solid day of buying. A higher open here tomorrow is sell for a profit, not a buy to get long.
AMZN continues to struggle at the $539 level. This morning we discussed it needs to close above this price before you make a trade. A buy-stop is not the right entry. The stock has not held the level so you would only get chopped up. Let it hold, then place your bid.
Make sure you set your trading alerts in UNH for $124. The stock keeps hammering away. So far resistance has held. If it pops you want to be in. This time it is consolidating near the breakout level. A good sign for the bulls.
SPY End of Day Chart 9.23.15