Actionable news
0
All posts from Actionable news
Actionable news in ADBE: Adobe Systems Incorporated,

Market Still Works Off In Overbought Conditions

My Swing Trading Approach

I'm still cautious towards this market while it still works off overbought conditions. More sideways trading could be in the cards, and I don't want to overload my portfolio with long positions.

Indicators

VIX - This indicator has rallied five out of the last six trading sessions. Now at 11.50, and the highest close since 9/8/17.

T2108 (% of stocks trading below their 40-day moving average): Fell to 47%, but another down-day making it FIVE straight and 18 of the last 21 days.

Moving averages (SPX): SPX held the 20-day moving average and bounced.

Industries to Watch Today

Consumer Defensive and Utilities lead the way - not ideal. Technology still remains my industry of choice. Industrials and Energy I am staying away from. Financials may be finally ready to bounce.

My Market Sentiment

Bullish engulfing candle pattern yesterday, and a bounce off of the 20-day moving average inside of a rising channel, keeps this market bullish.

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance

  • 5 long positions

Recent Stock Trade Notables:

  • Square (SQ): Long at $36.00, sold at $37.35 for a 3.8% profit.
  • Adobe (ADBE) : Long at $175.20, sold at $179.62 for a 2.5% profit.
  • Alibaba (BABA): Long at $187.00, sold at 181.77 for a 2.8% loss.
  • Paypal (PYPL): Long at $71.94, sold at $72.98 for a 1.5% profit.
  • Lam Research (LRCX): Long at 210.41, sold at $205.20 for a 2.4% loss.
  • Baidu (BIDU): Long at $242.80; sold at 248.29 for a 1% profit.
  • Nvida (NVDA): Long at $195.17, sold at $204.88 for a 5% profit.
  • Humana (HUM): Long at $248.73, sold at $261.20 for a 5% profit.
  • Square (SQ): Long at $32.92, sold at $34.36 for a 4.4% profit.
  • Nvida (NVDA): Long at $198.17, sold at $194.06 for a 2% loss.
  • Lennar Homes (LEN): Long at $56.63, sold at $58.10 for a 2.6% profit.
  • Lam Research (LRCX): Long at $185.23, sold at $192.24 for a 3.8% profit.
  • Starbucks (SBUX): Long at $55.59, sold at $54.94 for a 1.1% loss.
  • Illinois Tool Works (ITW): Long at $148.63, sold at $151.23 for a 1.8% profit.
  • Nvdia (NVDA): Long at $180.18, sold at $187.38 for a 4% profit.
  • Olin Corp (OLN): Long at $34.37, sold at $36.14 for a 5.2% profit.
  • Lowe's (LOW): Long at $77.97, sold at $81.52 for a 4.6% profit
  • IBB: Long at $330.91, sold at $338.25 for a 2.2% profit.
  • Seagate Technologies (STX): Long at $34.35, sold at $33.89 for a 1.3% loss.
  • Wynn Resorts (WYNN): Long at $149.65, sold at $147.14 for a 1.7% loss.
  • Imax Corp (IMAX): Long at $23.03, sold at 22.26 for a 3.3% loss.
  • Marriott International (MAR): Long at $106.26, sold at $108.26 for a 1.9% profit.
  • Alibaba Group (BABA): Long at $170.63, sold at $170.29 for a 5.0% profit.
  • Nvdia (NVDA): Long at $170.45, sold at $187.94 for a 10.3% profit.

More