**PLEASE CLICK HERE TO TAKE OUR SURVEY GIVE US FEEDBACK REGARDING A TOPIC I DISCUSS AT THE TOP OF TONIGHT’S VIDEO**
If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.
Enjoy tonight’s video, and enjoy your evening.
Comments »
The small caps are leaning down against the support trendline from the 30-minute chart we looked at before.
The more support is tested ($111 or so), the more likely it is to give way.
I put on a new short inside 12631 just now, and am considering adding.
_____________________________________________________________________________
If you are so inclined, I am will be doing a live segment with 12631 member and BTFD founder @iuubob on BTFD TV, starting at 2pm EST.
I will post the archived version tonight.
Otherwise, feel free to leave me some tickers and your market thoughts in the comments section.
Comments »
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.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
________________________________________________________
Comments »
Another good perspective on the market of late is the small cap ETF 30-minute chart, below.
Note the channel over the past week or so, yet to give us any clear indication where this market wants to go next as price “surfs” it up and down. As a result, we have a whole lot of summer chop, which is why I am keeping my trades fast for now and sitting on that heavy cash position still.
If the selling intensifies this afternoon I am looking at some long volatility ETF’s, and perhaps a short financials trade.
________________________________________________________________________
Our two reference points this week–The declining 50-period moving average on the 30-minute SPY chart, and the 50-day moving average on the Nasdaq Composite Index.
As it stands currently, the bounce we saw this morning found supply at those areas, and we are currently fading. While not yet a rollover, I continue to key of those sensitive price areas before putting on any new longs.
FB NFLX PCLN TWTR are still near the top of my list of long setups, especially if the Nazzy can finally clear back over the 50-day moving average.
On the other side of the tape, the small caps and a premier name like Amazon remain suspiciously soft here.
I closed out of the rest of my short Russian trade due to downside momentum abating this morning as Putin came out with a headline trying to seek a solution, or so it seems. I will look to get back into that trade at a later date, if any bounce fails.
What are you trading this morning?
Comments »
