My Swing Trading Approach
I trimmed my long exposure quite a bit yesterday. Booked a lot of profits. I added two new positions as well. If the market wants to break out of recent consolidation then I will likely add new positions again today.
Indicators
VIX – The recent 2-day rally has already begun getting pounced on. Down 2.4% to 10.08.
T2108 (% of stocks trading below their 40-day moving average): 73%. Slight bump up yesterday.
Moving averages (SPX): Tested the 5-day moving average the last two days, and despite trading momentarily below it intraday, managed to close above the MA.
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Industries to Watch Today
Consumer Defensive and Utilities led the way yesterday, which is’t the two industries you want to see lead the way in a healthy up-trend market. Not a concern at the moment, but could be if the pattern continues.
My Market Sentiment
Four days of consolidation. Nothing to worry about at this point. Essentially the market is digesting recent gains. Sets up well for another leg higher eventually, while working off overbought conditions currently.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance
- 4 long positions
Recent Stock Trade Notables:
- Nvdia (NVDA): Long at $180.18, sold at $187.38 for a 4% profit.
- Olin Corp (OLN): Long at $34.37, sold at $36.14 for a 5.2% profit.
- Lowe’s (LOW): Long at $77.97, sold at $81.52 for a 4.6% profit
- IBB: Long at $330.91, sold at $338.25 for a 2.2% profit.
- Seagate Technologies (STX): Long at $34.35, sold at 33.89 for a 1.3% loss.
- Wynn Resorts (WYNN): Long at $149.65, sold at $147.14 for a 1.7% loss.
- Imax Corp (IMAX): Long at $23.03, sold at 22.26 for a 3.3% loss.
- Marriott International (MAR): Long at $106.26, sold at $108.26 for a 1.9% profit.
- Alibaba Group (BABA): Long at $170.63, sold at $170.29 for a 5.0% profit.
- Workday (WDAY): Long at $106.91, sold at $104.90 for a 1.8% loss.
- Nvdia (NVDA): Long at $170.45, sold at $187.94 for a 10.3% profit.
- Tyco Connectivity (TEL): Long at $80.15, sold at 82.58 for a 3% profit.
- Netflix (NFLX): Long at 177.75, sold at 182.30 for a 2.6% profit.
- Micron (MU): Long at $31.12, sold at $31.94 for a 2.6% profit.
- WYNN Resorts (WYNN): Long at 138.20, sold at $141.37 for a 2.3% profit.
- Netflix (NFLX): Long at $168.69, sold at $173.06 for a 3% profit.
- PSQ: Long at $39.28, sold at $38.34 for a 2.3% loss.
- SPXU: Long at $14.68, sold at $15.42 for a 5.0% profit.
- Tesla (TSLA): Long at 365.09, sold at 356.15 for a 2.4% loss.
- United Parcel Service (UPS): Long at 113.58, sold at $114.74 for a 1% profit.
- First Solar (FSLR): Long at $48.07, sold at $49.10 for a 2.1% profit.
- Facebook (FB): Short at $168.31, covered at $170.62 for a 1.3% loss.
- SDS: Long at $49.81, sold at $48.88 for a 1.8% loss.
- SPXU: Long at $14.51, sold at $15.25 for a 5.1% profit.
- Zayo Group (ZAYO): Long at 32.91, sold at 33.83 for a 2.8% profit.
- JP Morgan Chase (JPM): Long at $94.91, sold at $93.83 for a 1.1% loss.
- Bank of America (BAC): Long at $24.48, sold at $25.01 for a 2.2% profit.
- Alibaba Group (BABA): Long at $151.69, sold at $153.43 for a 1.2% profit.
