Strategy Session Notes (July 30, 2018)SS 073018
COTD: Trading live on Wednesday morning at 9:15 east coast time to trade the opening rotation. USFD – Earnings flat, buying SGA’s Food Group. Stop below $33.
Notes: Lots of volatility – few opportunities. Imagine having a really big position that’s outperforming the market. What could that be?
SPX – selling across the board today. All of the indexes were trading below their VWAP all day…and closed away from the pivot points…(except MDY and IWM)
IBD Up/Down on Volume. 23 stocks up, 377 stocks down. LOTS of distribution. Don’t buy into it.
DJI – Gartman went bearish today. Made me think of one of my favorite songs by Willie Nelson…”Blue skies smilin’ at me. Nothin’ but blue skies do I see.”
DJT – low CLV on all indexes.
MDY – below 50-day MA.
IWM – below 50-day MA
COMPQX – closed below 50-day moving average for the first time in a few months.
FNGU – FANG stocks being de-fanged. Remember/respect the three day rule. These are likely to bounce.
- FB – was down 23% at some point today. Nobody thinks that this stock is a bargain here. If it were otherwise, the stock wouldn’t be down 21%.
- AMZN – Still quite strong. Barely below the 20-day moving average. Nothing wrong with the trend.
- AAPL – reports tomorrow.
- NFLX – big breakdown. This could fall to $290. Think it can’t? It was there in April. WMT is now competing.
- WMT – watch this stock. No momentum, but showing promise.
- GOOGL – can fall at least another $20 bucks. Could fall to $1170 without any flashing red lights.
- TWTR – looking for obvious oversold rebound tomorrow off 200-day MA. 59 minute trade?
Growth Stocks: Do NOT be holding these if you are down. If you are losing, you’re wrong. Period.
- TRHC – off the list last week.
- PRLB – Also off list.
- ROKU – 50-day MA rebound.
- CPRT – removing from GSL
- OLLI – also took this off on Friday
- ICUI – also took off on Friday.
- WPX – Earnings on Wednesday. Otherwise, could be bought here with a stop below $18.
- EC – popping out of squeeze. Alert $21.60
- CELG – Alert $90.
- CBMG – Wafer thin trading…but shows a lot of potential. Holding above 7/20 breakout. Alert $21.50
- PSX – can’t buy it now. Breakout at $110 would have been workable…but even then, not a clear buying opp.
- TJX – no follow through. I wouldn’t buy it here.
- KORS – Earnings Aug 8th. I wouldn’t buy this here. No edge on direction.
- TRV – could it reach 200 MA, or ditch it? Yes, it could…but that’s a ceiling, not a target. I would protect here.
- ABT – “Would you have added once it broke above the earnings high of 65.50?” No. Was too extended. If you can’t start a position at the low end of the range, you’ll have a hard time building a full position without being top heavy.
- WM – “Dan – A huge move on earnings right into resistance. What are your thoughts on going long (hopeful after a pull back)?” Not now. Sell this if you own it.
- GLW – same as WM.
- INTU – Breakdown. No!
- GSVC – converging moving averages and tight BBs. Does this need a more defined entry? ONLY above $7.10.
- ETSY – So far, 50-day MA is holding…but this is being sold, not bought.
- MNK – long term hold? You can hold long term…but is this really the way you want to approach this? It’s in a steady uptrend. Let that be your reason to hold it.