Sorry this coming out so late! It is my sisters birthday tomorrow we went out and celebrated this evening. Anyways, the market has continued it's indecision. I do not like this price action whatsoever as a swing trader. I would really like to see some direction - if it down that's fine -- let's just get something going. If you are a day trader you have had some nice couple of days of quick scalps. I just can't do that. But that's fine. I would rather not trade now and have money later on to trade with.
The QQQ's look very similar to the market ($SPY). In other words, this is not the place to initiating swing longs or long positions at all really. We need to see some clarity with a day of follow through.
Apple continued to show us some weakness today -- the doji formed today was on weak volume and I think if it doesn't reclaim the 200 MA tomorrow or we don't get the right president elected then I think it can see continued downside.
Google looks like it is holding in there, it had the 2 day trade there but it isn't giving us too much. I will say however, it is holding in there. It isn't showing as much weakness now.
Amazon is hanging tough! While I still think it is weak and not worth my money -- it isn't ALL bad. 230.11 is your pivot. It formed a slight reversal today if you wanted to TEST a swing here you could but I would just be careful because of the weakness lately. I would have alos liked to have seen a bit more volume behind the reversal today.
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I am going to start testing a new strategy on paper for me. Therefore, everyday that I feel like there is a good trade out there (according to this new "untested" strategy I will post it here. Tomorrow's pick is $KKD. I think this one could be a a nice swing. higher.
$XLF and $XLV also both came up on the list and I looked at them extensively but I decided they weren't good for a couple reasons. 1. Not quite a true reversal 2. Volume could have been better 3. The market condition is still weak and choppy therefore I don't want to be a high beta sector. 4. The risk to reward was not extensively in our favor.
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That's it for today! I hope you are ready for the election! I am so stoked. It's going to be amazing. Also, again, sorry for the latency of this post.
The QQQ's look very similar to the market ($SPY). In other words, this is not the place to initiating swing longs or long positions at all really. We need to see some clarity with a day of follow through.
Apple continued to show us some weakness today -- the doji formed today was on weak volume and I think if it doesn't reclaim the 200 MA tomorrow or we don't get the right president elected then I think it can see continued downside.
Google looks like it is holding in there, it had the 2 day trade there but it isn't giving us too much. I will say however, it is holding in there. It isn't showing as much weakness now.
Amazon is hanging tough! While I still think it is weak and not worth my money -- it isn't ALL bad. 230.11 is your pivot. It formed a slight reversal today if you wanted to TEST a swing here you could but I would just be careful because of the weakness lately. I would have alos liked to have seen a bit more volume behind the reversal today.
--------------------
I am going to start testing a new strategy on paper for me. Therefore, everyday that I feel like there is a good trade out there (according to this new "untested" strategy I will post it here. Tomorrow's pick is $KKD. I think this one could be a a nice swing. higher.
$XLF and $XLV also both came up on the list and I looked at them extensively but I decided they weren't good for a couple reasons. 1. Not quite a true reversal 2. Volume could have been better 3. The market condition is still weak and choppy therefore I don't want to be a high beta sector. 4. The risk to reward was not extensively in our favor.
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That's it for today! I hope you are ready for the election! I am so stoked. It's going to be amazing. Also, again, sorry for the latency of this post.
