Quick Bounce Plays

If you are looking for some (quick) support buys here, a good algorithm screen to have, courtesy of The PPT, is one I made called “12631 Quick Bounce Plays.”

In the screen, I am looking to isolate stocks with positive daily Hybrid PPT scores, but negative weekly ones.

Thus, they are ripe for a quick bounce as the momentum seems to be turning, if only for a bit. I also screen for PPT Relative Strength scores, as well as volume and % from 50 day moving average.

Members please click here to view and save the screen

Here are the readings as of Thursday’s close. Remember, we are talking about short-term flips here, not high quality, multi-week swings. Keep those stop-losses in place.

NOTE: The screen only gave us one name, AKAM. Perhaps that is a sign the market is not yet ready for a serious bounce?

(Click on image to enlarge)

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Here are some actionable short ideas on this list, especially if the market sees another day of weakness.

Courtesy of The PPT algorithm, here are some very aggressive ideas for short trades headed into Wednesday If you are not comfortable shorting (especially in a bull market), there is nothing wrong with taking a pass. Keep those cover-stops in place.

Nonetheless, a good chunk of readers are always looking for short ideas.

Members of The PPT can click here to view and save this “Titanic” Screen, as I named it when I created it a few years back. The screen isolates stocks vulnerable to further weakness.

Please click on image to enlarge 

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The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday. 

Underneath the surface of the major averages, the split market can be seen in recent earnings reactions to marquee, leading issues. 

Amazon, for example, gave up its recent breakout on a massive gap down on Friday, rendering it to be a chart mired in steep correction since January, yet again. 

Facebook, on the other hand, gapped above recent highs and made up all of its losses from its own correction in the spring months, and then some.

Elsewhere in our bifurcated market, the regional bank ETF (KRE) churns below its 200-day moving average in a potential bear flag.

Valley National is an example of a regional bank offering up a short setup on further weakness, though earnings are coming on July 30th.

And yet, this is all happening while the larger banks have been impressive of late, with the sector ETF still grinding higher in its long-running rising wedge.

The above examples serve to drive home the point that the current market is not ideal for traders to aggressively swing positions on a broad scale. A stock-by-stock basis is still preferred, with shorter holding periods unless and until the Russell and micro-caps begin act better. 

Please click here to continue reading

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. 

Direct Vimeo Link Click Here

Tesla earnings are coming up after the bell. While I have no inclination to play the report, it is worth nothing that the momentum leader is nearing he apex of a multi-quarter triangle, seen below.

Put another way, we should see resolution soon from what has been a very quiet Elon Musk stock of late. Perhaps earnings will be the excuse for the next big move.

Who’s playing it? How?

What are you trading into the final hour?

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Natural gas has been a huge disappointment this summer. However, it is notably outperforming crude oil this week and attempting to carve out something akin to a base bottom.

On the 30-minute chart for the ETF, below, a move over $21.50 can be considered an actionable long trigger to play for further upside.

Overall, natty has a ton of work to do to reverse the damage sustained in recent months. So keep trades small and stops tight until then.

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