The S&P 500 hit its January high. A level a lot of traders are watching, wondering if this will be a double-top.
But the NASDAQ, which is leading this market higher, surged through it January highs. This is a bullish market, but looking parabolic. It could literally turn at any moment.
And I had some sweet breakouts today. The best being JOEZ.
The other was PVTB.
And still nice continuation in recent triggers. Here are some that did well today:
They didn’t all move higher. I was stopped out of this one today.
CLNE reported earnings today. It was a recent trigger that I sold this week since I don hold into earnings. It made a nice move today.
Very nervous at these levels, but still finding charts setting. Probably looking to day trade these.
Good luck and good trading!
What a market to be holding longs. The market just keeps pushing higher every day. How long can it continue? The S&P 500 like it wants to touch January highs. It could form a bearish double top. If so, there will be plenty of time to get short the S&P on the way down. For now, this market is just too bullish.
The NASDAQ hesitated briefly at it’s January high, but now above it and now hitting 18 month highs. What an amazing run; I’m going to enjoy it while it lasts. This is a gift from the market.
I had 2 triggers today. There was a nice breakout in MBI.
REXX also triggered, but didn’t move much. However, the chart is still good.
If you have read this blog in the past, you may know that tight stops have often stopped me out of big movers. But in this rally, I’ve been hanging nearly all of these runners. Here’s some of those runners that did well today.
I mentoned in yestrdays post that I closed some positions yesterday. This was one of them. A little too early.
I feel a bit silly for considering buying stocks with the indexes so extended. Yes, there are still some charts out there setting up, but not many. I will watch these, but likely going to take profits early. I will wait to see how these act.
I haven’t heard of any of these stocks until yesterday and today. Could be a sign.
Good luck and good trading!
The market gapped down, then rallied, only to pull back into the close. I’m not a candlestick guy, but I know this means indecision, and with heavier volume, could lead to a change in market direction. We will see what tomorrow brings.
I had 3 triggers today, one of them moved quite well, MTH. This one seemed a bit risky at the time, but so far, it’s working well.
The other 2 triggers mace minor moves, but still have potential.
Recent stock purchases I made continue to do very well. Today’s mover was INCY. Just look at this beautiful chart.
Other recent triggers that moved today included BJRI and DTG, among others.
I will be honest, I’m getting nervous here. I closed a few positions today in fact for various reasons. Buying breakouts with the indexes so extended is a bit risky, but there are still stocks forming bases, looking poised to move higher.
I am trailing stops with all trades, and have peeled shares off all of them. I just know at some point, I’m going to get stopped out of everything in a single day, but that’s OK. I will still leave with some fat gains.
Good luck and good trading!
