Going into the first week of August, I am more apt to play stocks that have pulled back to what should be fresh support zones, as opposed to chasing breakout plays. Nonetheless, if the broad market makes another higher low at the 1100 level on the S&P 500, then breakout plays should work very well. The following charts represent my top trading ideas for the upcoming week. They are all long setups, as it appears that the short trade has gotten long in the tooth, for the time being. With that said, if we lose that 1090-1100 area early this week, I can assure you that most of these plays will be rendered broken. Thus, there would be nothing wrong with taking a step back and getting a feel for the action tomorrow.
Feel free to pick and choose whichever setups best fit your style. Please keep in mind that these are trading ideas only. I urge you to use stop losses in order to mitigate your downside risk–I prefer a trailing 7-8% stop loss.
I hope you find these ideas helpful.
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CnWIG
lol silly
Thanks Chess,
I’ll keep these in mind if the market start to improve.
By the way, where are you staying in Vegas? Of all of the stuff I’ve shares with the wife, that’s what she want’s to know the most. Women?!!
We’ll be there in the latter part of August mainly because she loves the noise of the slots.
checking out of wynn, and basically going nomad style all along the strip, as i am using up free comp offers before they expire this summer
Bought some UWM (75% cash).
Bought more UWM (50% cash).
Nice work Chess.
Thanks, Purdy.