My Swing Trading Approach
We are stuck in a 13-day consolidation pattern. That sucks on many, many levels. But it’ll breakout one way or another. However, the market isn’t providing what I would necessarily call a clear-cut edge. As a result I have been booking profits where it makes sense. Right now, I am net short, but if the market remains in the sideways position, I’ll add another long position just to balance things out.
Indicators
VIX – Sold off hard from the get-go, but showed some life towards the end of the day, Friday. Right now it is in a holding pattern of its own.
T2108 (% of stocks trading below their 40-day moving average) – Mild bounce but still down 9 out of the last 12 days. A divergence from the direction the Dow is taking.
Moving averages: Holding the 5/10-day moving average once again.
Industries to Watch Today
Financials – Still the best industry right now. Just be careful with the regional banks.
Technology – Not going anywhere at the moment.
Energy – Falling apart again.
Utilities – Only financials have been better.
Retail – Discount retail pretty solid.
Biotech – may be ready for a bounce.
Industrials – Defense still unfreakin’ believable.
RELATED: Stocks to Watch: CAR GOV OI
My Market Sentiment
There is little sentiment to be had. The market is stuck in a sideways trading pattern that has lasted for nearly 3 weeks now. Let the market tell you where it wants to go.
Large caps > Small caps.
S&P 500 Technical Analysis
Current Stock Trading Portfolio Balance:
- 2 short positions
Recent Stock Trade Notables:
- Bank of America (BAC): Long at $24.48, closed at $25.01 for a 2.2% profit.
- Alibaba Group (BABA): Long at $151.69, closed at $153.43 for a 1.2% profit.
- Salesforce (CRM): Long at $90.86, closed at $89.43 for a 1.5% loss.
- Autodesk (ADSK): Long at $106.45, closed at $111.34 for a 4.6% profit.
- Bank of America (BAC): Long at $23.99, closed at $24.23 for a 1% profit.
- IBB: Long at $313.18, closed at $324.25 for a 3.5% profit.
- SPXU: Long at $14.82, closed at $14.58 for a 1.6% loss.
- Alibaba Group (BABA): Long at $143.65, closed at $150.40 for a 4.7% profit.
- American Airlines (AAL): Long at $49.26, closed at $51.84 for a 5.2% profit
- Intel (INTC) Short at $35.21, covered at $34.46 for a 2.1% profit.
- Nvdia (NVDA): Long at $155.57, closed at $157.53 for a 1.3% profit.
- IBB: Long at $298.24, closed at $303.74 for a 1.8% profit.
- SPXU: Long at $15.68, closed at $15.25 for a 2.7% loss.
- Whirlpool (WHR): Long at $190.46, closed at $195.19 for a 2.5% profit.
- Ferrari (RACE): Long at $84.60, closed at $89.93 for a 6.3% profit.
- Amazon (AMZN): Long at $964.70, closed at $1001.23 for a 3.8% profit.
- American Airlines (AAL): Long at $49.18, closed at $50.62 for a 2.9% profit
- Alibaba Group (BABA): Long at $124.95, closed at $137.51 for a 10.1% profit.
- Starbucks (SBUX): Long at $61.78, closed at $63.68 for a 3.1% profit.
- Western Digital (WDC): Long at $91.24, closed at $89.29 for a 2.1% loss.
- Broadcom (AVGO): Long at $236.65, closed at $241.15 for a 2% profit.
- SPXU: Long at 16.60, closed at $16.98 for a 2.3% profit.
- JP Morgan Chase (JPM): Long at $87.84, closed at $85.98 for a 2.1% loss.
- Micron Technology (MU): Long at $29.00, closed at $28.04 for a 3.3% loss.
- Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit.
- Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.
- Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit.
- Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit.
- Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
- Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit.
- Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit.
- Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss.
- Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
- Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
- UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit.
