My Swing Trading Approach

I took profits in Caterpillar (CAT) for a +1.9% profit yesterday, while getting stopped out at the open in ROKU and PYPL. Currently I am short, and will gauge the market today for a potential bounce and quickly close my short position if need be. Either way, I expect to be very cautious in my trading approach in the market today.

Indicators

Volatility Index (VIX) – VIX popped 21% yesterday but still gave up some of its gains from yesterday following an end of day rally to recover some of the market losses. Still managed to breakout of its recent consolidation.
T2108 (% of stocks trading above their 40-day moving average): Dropped 12.4% yesterday down to 34%. The breadth in the overall market continues to weaken more and more.
Moving averages (SPX): The 5, 10 and 20-day moving averages were broken, while the 50-day moving average could be tested today.
RELATED: Patterns to Profits: Training Course

Sectors to Watch Today

Utilities were flat today, which isn’t unexpected considering the weakness in the overall market. Financials continues to struggle to provide any real direction going forward. Has been sideways since March. Telecom continues to trade well in a rising channel with support at the 50-day moving average. Staples had a major breakdown yesterday and confirmed a head and shoulders pattern too. Discretionary in a full-fledged breakdown and testing the 200-day moving average. Very bearish. Technology also breaking down, taking out its September lows.

My Market Sentiment

Bearish wedge chart pattern confirmed to the downside. Close to testing the 50-day moving average. SPX gave up its gains from September. Jobs number is weighing on the market today and could create further volatility as the day unfolds.

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

1 Short Position

Recent Stock Trades – See My Past Performance Here.

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Swing Trading the Stock Market

Welcome to Swing Trading the Stock Market Podcast!

I want you to become a better trader, and you know what? You absolutely can!

Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.

That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.

In this podcast episode, Ryan tackles the issue of taking meme stock trading and applying it to IPO's and chasing after them to astronomical highs, and why for most people the likely result will be massive losses being incurred. Also covered in this episode, is whether you should short meme stocks, and why that is even worse of an idea than chasing after the stocks to the long side.

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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.