Tuesday February 11th
SPX – With a confirmed swing low as a buy signal, the SPX put in a new high on day 6. THis is where I’d start to consider raising my stops loosely under this recent dip.
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TQQQ – I’ve discussed raising a stop to the 13 sma ( or 20), just in case markets roll over. Here on TQQQ I am pointing out that the markets may be getting a steeper incline on each new daily cycle. That could lead to the blow off top parabolic run. Notice the 13 sma on the last 2 daily cycles.
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WTIC – Oil may be putting in a possible shake out. We do not buy until we get a swing low confirmed by price rising above the 10sma. We are due timing-wise for a dcl and this is very oversold. No buy here yet, look for a recovery.
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XOP JANUARY 22– A while ago I mentioned that the XOP usually puts in a double bottom low, so wait for it once we get to the lows.
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XOP – There is a little divergence here, so watch for a recovery and a move over the 10sma and that may be the lows. Look at each set of lows here. Study it. Do you see V-Bottoms or choppy bottoms? Energy can be choppy at the lows and there is a risk of being stopped out , so be aware of that.
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GOLD – Gold remains choppy.
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GDX – GDX & GDXJ are choppy around the 50 sma too. One day people think it is ready to rally, and then next day they hate it. It may be forming a triangle pattern. We are not at the apex yet.
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GDXJ has a downtrend now, or…
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GDXJ – GDXJ seems to have formed a triangle in this choppiness. We’ll see if it can break that downtrend as it moves toward the apex, but there appears to be more room sideways.
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Nothing has really changed with Mondays trading. Below I will discuss a few ideas. There are a few really good looking Tech Market set ups, but we also have earnings reports coming out and need to be aware of that. Some companies are Popping on earnings and others are dropping. Some do not mind the risk, others may want to wait for earnings reports to be released and only buy companies that have released theirs.
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Enjoy your Tuesday trading.
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~ALEX
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I have some trade ideas or set ups here, but I also just want to mention this: I have found that sometimes when I get stopped out of positions, it is best to sit in cash and clear my head. I look back at the set ups & try to see how they went bad. Was it the sector? Was it earnings? At times it may be best to try to be patient and wait for the next really low risk set up. You may want to consider this too, if you recently got stopped out of a trade (s), since it is not necessary to ALWAYS be in a trade. The General Markets look to be running again, but for Oil & Miners & even MJ stocks, they remain choppy. At times I just Stop, regroup, and watch what happens over a few days.
That said, I am still trading a few positions here, but that is also because I am an active trader for a living.
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AMD – I called AMD a buy at the lows in January. I said that this ran from $27 to $42, then $37 to $52, Now $47 to $62 is possible.
AMD – I grabbed this chart after almost an hr of trading. AMD is still a buy as it crosses the 8 ema. I own it.
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AMD – It closed near the highs by the end of the day at $52, and as mentioned in the first chart, it may be heading to $62 if the markets remain healthy.
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CRSP – These 3 gene editing companies all ran together in October and they may be setting up again. CRSP broke the down trend & shows signs of bullishness.
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PING – In recent reports I mentioned that PING could be bought at the 50sma and it still looks good. Earnings are not due for a couple of weeks.
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CRWD – The set up in CRWD & WORK remain the same , except that
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WORK – SLACK broke out & took off 13% higher on Monday on rumors or news. In the after hr trading they released an update & it dropped 7%. This is worth watching.
ROKU – Roku looks like it wants to break out, but they have earnings coming out Thursday, so it may be risky to buy it until then. Put it on a watch list?
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TWTR – TWTR put in a strong gap open with its earnings, and it is now filling that gap & may be heading for the 10 sma. A reversal there could be a low risk entry and the upward run could continue- especially where their earnings were so well received.
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TSLA BY REQUEST – Question : “Should I buy TSLA now that it pulled back $200?” Answer: If this had a final blow off top, they usually bounce a drop again eventually returning all the way back to the lows. I personally will not be recommending TSLA as low risk, because it isn’t, but if you think it will break the highs & run a lot higher, you can buy it with a stop.
FCEL – FCEL looks like a Buy here as it hovered above the 50sma and then broke higher yesterday. I bought it because it is very oversold and…
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FCEL – It formed a very long base and broke out . It has been running to resistance areas…
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FCEL WEEKLY – The weekly chart shows it acting correctly as it drops to the 10week ma and turns higher. This is usually Bull Action on a weekly chart.
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GRWG – This was GRWG breaking out from a long base last week. They had reported record earnings and on this weekly chart it was riding the weekly 50 ma. This should be long term bullish.
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GRWG DAILY- It then ran even higher on Monday, but reversed lower into the close. There is a chance that it will now chop around for a while before continuing higher. It could chop sideways or it could even put in a downward slanting handle.
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ELYGF WEEKLY – I showed the weekly chart in my last report and just felt that it was time to lock in profits, since some of my other positions that had good profit started to drop & stop me out ( CGC for example) . I sold a good chunk of my position.
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ELYGF – This was a possible bull Flag for ELYGF on the daily chart. Even though this can make one more push higher, I sold more of my position with a 59 cent limit price. I hope to be able to buy a pull back later at lower price.
HL #1 -HL shot up on good earnings last week, but dropped back yesterday, so I drew this after 1 hr of trading to show various supports that I would like to see hold over the next couple of days. It was down 3%…
HL #2 – It continued to drop QUICKLY, but I am still watching to see if it can hold support. It closed down 7%.
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SVM – IF the 200sma is the low, then maybe we saw this a-b-c drop. This would likely chop around for a while now, so this isn’t really being recommended as a buy ( I am not buying it here). I am just showing a possible final flush, and we’ll see if it can regain strength. That was a serious drop, likely due to the fact that their 3 main mines are based in China & could get shut down if the coronavirus spreads over that way.
