We’re still playing with the same resistance level that we have been working through the last few weeks. If I’m betting, I think that we get a green market this week. I’ve got a stater position in PZZA. I’ll be adding to it before the end of the day if all looks good.
I sold MJ premarket for enough profit to cover my trading fees…
Unfortunately, CGC took off without us. I wish I had been watching it so I could have bought in mid-run. I’m not willing to chase it now. As an alternative, I bought MJ, which is a Marijuana ETF. I only bought half size right now.
I did not place a trade today. With last week being the worst trading week so far in 2019, there wasn’t much on the momentum scanners and it wasn’t clear what the market was going to do. Boeing had bad news this week, which also threw off market futures on the dow so futures were very spread. The market crushed it today. +40 points on the S&P. I think this is a good sign that we will test the 2800 …Read the full article
All, The market is teetering in a very awkward spot. Check out this chart of the SPX and notice that the double-top is right at the line where we’ve previously stopped. This is a perfect example of how a previous peak becomes resistance: The IWM shows a different pattern. Note that there aren’t crisp peaks at resistance, but rather, lower peaks and then a test of resistance from last week: We won’t sit here forever and either the buyers or …Read the full article
The market seems to have lost much of its stream as it closed last week just slightly above where it began the week. We are still sitting at a resistance point where we’ve turned around several times previously, so I think many buyers are timid at these levels. At this point, I expect more of the same…more sideways movement as the market grinds away at these resistance levels. The VIX is down at levels that we haven’t seen since last …Read the full article
I sold the rest of my SOXL at $130.15. Boring week in the markets. Not an easy one for momentum stocks. It looks like we’re closing in on a green week so hopefully we get through this resistance and establish a trend. We will see what next week holds. It’s very important in these markets to not chase. As the market overall slows down, moves tend to be more short lived. If you buy at the top of a short …Read the full article
I’m out of AMRX (finally). I definitely mismanaged this one. Should have sold it on Friday before the close. I’m now full position with 200 shares of SOXL. I’ve been averaging in this morning. My price is $131.75.
I’m going to start this week with my thoughts on the AMRX trade that I held from last week. It turns out that holding part of the position through the end of the day was a great decision. While the current price is still a slight loss, the stock was strong into the close and I think that’s a good sign. With that said, I don’t want to hold this trade all week. I will not take a full position …Read the full article