During the slow parts of the day we start writing the newsletter. Right now we have taken day-trade profits in $AMZN $KLAC $ALTR long, $WYNN short, and have small swing size positions on with hard stops that we’ll take into tomorrow if we don’t get stopped in the next 3 hours.
Our Sunday morning newsletter included all the alerts that we review today:
KLAC support was 49 or 48.5 overshoot. At 49 stock was trending lower without any pause, but finally green bar reversal on 48.5. Decent move back to the 20ema at 49 (overshoot often rallies back to primary support – that’s the first day-trade target).
ALTR 39.26 alert—found it’s footing just under and decent bounce back to S1 (day-trade first target).
We liked our chances with KLAC ALTR also because of SMH coming within pennies of our 33.8 support. The more support that hits at same time, the greater the chance of recovery.
WYNN short 112 at open we found impossible as it went on opening bar, bounced on S2, but gave good entry on bounce back to the 20ema and back to new lows.
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AMZN was the star of the day – but you needed some conviction on this one to buy the new high near the open. For those who hesitated stock gave second entry on pull-back to R1 at 188 and then great action to 190 which was first day-trade profits. (Trend-line break was on our newsletter for Friday, and 188 was sent out Sunday morning — AMZN is one of the best trading stocks right now in the market).
Swing long as long as 188 holds.
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Every day after the close we manually go through our master list of 300 stocks to look for patterns. Sometimes on weekends we look for new names and do scans – FTI was a product of a scan. We often regret adding them after as we realize “there’s a reason the stock isn’t on our master list”. We wrote yesterday that FTI was not a good trading stock but 55 was big number. Decent swing candidate to keep an eye on on a close over 55, but crappy day-trade action at extended run and scum of 55.
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We don’t like surprises. We like trading our pre-determined list every day and nothing else.
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