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Swing Trading Strategy - Friday, October 13

My Swing Trading Approach

I'm nearing a point where I want to see price action move out of the recent price coil before getting any more aggressive on this market. As always, I'll look for opportunities where appropriate, to book profits and move up stop-losses.

Indicators

VIX - Slight uptick, still below 10 at 9.91. But not much else worth noting.

T2108 (% of stocks trading below their 40-day moving average): Still hovering at 73%. Still no change over the last two days.

Moving averages (SPX): Broke below the 5-day moving average intraday, for a fourth straight day, and for a fourth straight day, managed to close above the 5-day moving average.

Industries to Watch Today

Consumer Defensive and Utilities still leading the way. Some concern there, as the pattern continues to persist. Industrials rebounded and broke out of recent consolidation. Energy, Financials, and Consumer Cyclical, were all very weak.

My Market Sentiment

I'm waiting to see what short-term direction the market wants to take here. The best way to determine what will be the recent six day consolidation pattern and which side of it, the market breaks on.

S&P 500 Technical Analysis

Current Stock Trading Portfolio Balance
  • 6 long positions

Recent Stock Trade Notables:


  • Illinois Tool Works (ITW): Long at $148.63, sold at $151.23 for a 1.8% profit.
  • Nvidia (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.
  • Nvidia (NVDA): Long at $170.45, sold at $187.94 for a 10.3% profit.
  • Tyco Connectivity (TEL): Long at $80.15, sold at 82.58 for a 3% profit.
  • Netflix (NFLX): Long at 177.75, sold at 182.30 for a 2.6% profit.
  • Micron (MU): Long at $31.12, sold at $31.94 for a 2.6% profit.
  • WYNN Resorts (WYNN): Long at 138.20, sold at $141.37 for a 2.3% profit.
  • Netflix (NFLX): Long at $168.69, sold at $173.06 for a 3% profit.
  • PSQ: Long at $39.28, sold at $38.34 for a 2.3% loss.
  • SPXU: Long at $14.68, sold at $15.42 for a 5.0% profit.
  • Tesla (TSLA): Long at 365.09, sold at 356.15 for a 2.4% loss.
  • United Parcel Service (UPS): Long at 113.58, sold at $114.74 for a 1% profit.
  • First Solar (FSLR): Long at $48.07, sold at $49.10 for a 2.1% profit.
  • Facebook (FB): Short at $168.31, covered at $170.62 for a 1.3% loss.
  • SDS: Long at $49.81, sold at $48.88 for a 1.8% loss.
  • SPXU: Long at $14.51, sold at $15.25 for a 5.1% profit.
  • Zayo Group (ZAYO): Long at 32.91, sold at 33.83 for a 2.8% profit.
  • JP Morgan Chase (JPM): Long at $94.91, sold at $93.83 for a 1.1% loss.
  • Bank of America (BAC): Long at $24.48, sold at $25.01 for a 2.2% profit.
  • Alibaba Group (BABA): Long at $151.69, sold at $153.43 for a 1.2% profit.

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