ISLE, also with NYNY, is a small casino play and a long setup into Friday. On the first daily chart, below, note the lateral base with the potential to break higher over $9.60.
And CAB is a short setup, with the potential for a secondary breakdown under $64.
Drop me your top tickers overnight.
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Enjoy tonight’s video, and enjoy your evening.
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I have had a string of nice winners in the commodity complex of late, especially.
So, let’s talk about a loser now.
The main issue with losing trades is keeping them contained and now allowing them to rattle your overall purpose as a trader, which is to stay focused and disciplined on the here and now.
With this in mind, I remain unperturbed despite Facebook’s Studio 54-in-the-1980’s-esque binge higher this afternoon.
Here is the note I just wrote to 12631 members:
chessNwine
Covered $FB 1/2 position short @ $69.94 from $68.17 entry for a loss. Too much strength in today’s reversal and hit my relatively tight stop. Well done by those who took profits into this morning’s weakness.
I am keying off the $26.40-$26.60 area on the gold miner ETF, seen below basing on the 30-minute chart, to enter NUGT long again.
And natural gas, on its 30-minute chart second below, is trying to avoid a head and shoulders top (on this timeframe) gap-fill lower.
Drop me your top afternoon ideas.
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After a steep rally over the past few weeks, the REITs are showing signs of fatigue, seen on the first daily chart below via shooting star candles each of the past two sessions. A weak close today may very well see me entering SRS, the ultrashort REIT ETF.
Putting the puzzle together of rates, I remain long TBT, playing the weakness in TLT, second chart below. To be sure, I am looking for the next leg higher in yields and lower in bond prices on the 10-year especially.
My risk on the trade is still basically back over $107 on TLT.
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
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Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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