What a close to October!

Tuesday 10/31/17

 

Red Doji on the Daily for the SPY

Overall Market-

Market continued to trade higher at sessions half, lifted by mostly upbeat corporate earnings and bullish economic data, including a seventeen-year high in consumer confidence and six-year high in a regional manufacturing index.

All three major averages are indicated to close the month of October higher with the S&P 500 and Dow Jones Industrial Average extending its winning streak to a seventh straight month.

Oil is up, Gold is down, market continues it bullish move. Eyes now on government spending deal, this could potentially impact sentiment in markets. lets keep that event on the radar.

VIX (Volitility) slightly lower off the back of strong economic data. Will be watching for a volatility play again around the 9.50 level is we get there, currently at 10.18

FCX (Freeport) Weakness continues, 200d EMA at 13.56. Green day today but chart remains weak, currently seeing multiple indicators in a down channel calling for a short position, Will be looking to short under $14.00 to cover $13.50 area, stop loss $14.25, 2:1 Risk reward. careful of a strong bounce here off of 200dEMA, reversal is still possible, hence the tight stop at $14.25

CHK  (Chesapeake) HOT WATCH some confusing indicators at these price levels. I am looking to LONG this for the break of $4.00 into profit zone $14.25-$14.75, stop loss $3.70. 20dEMA at $3.85, will remail bullish so long as we stay above that level.

AMD  (Advanced Micro Devices) BOUNCE PLAY, Sold full position for +$0.38/share. Alerted for swing and entered (double bottom, 5 min chart) filled $10.87, stop $10.69 (low of day). This is a higher risk play. Risk -$0.18/share

SNAP (snapchat) profit stopped today. Currently watching above $15.30 for possible next level of expansion. No position on watch only.
 

TOP watch for this week and tomorrow;

  • $MRNS(continued weakness, looking for price to hold above $5.00 level, long potential if she does, stop would be 20d EMA at $4.77 )
  • $NGL (doji on daily, awkward pattern)
  • $IMGN (showing mutiple indicators long here, looking to enter, stop $5.50, target zone $7.00, keeping a tight stop as we are very close to the 200d EMA)
  • $QBAK (heating up, close watch here, very low volume, only reason I have not yet entered. like the breakout potential here for a move to $8.00, just to much risk without volume)
  • $HTGM (stopped out, set up was low potential as stated. However, if it holds this $2.25 level, I will revisit)
  • $MGTI (hammer on daily, possible short signal. look for comfirmation, update, price below $2.00 is a short, with a tight stop. look to test 200dEMA)


Low float tickers to watch

  • $PYDS (low float grinder, what an awesome move today. on watch over $2.93 high, support $2.40)
  • $HMNY (Holy Sh*t, perfect 5 min breakout, cup and handle set up as it crossed over the 200 period on the 5 min. what a perfect set up and short squeeze, on HIGH ALERT for tomorrow, this one moves FAST!)
  • $IZEA (keep close eye here, based on our live stream information - still on close watch),
  • $SKLN (wedge, flag here, no position) ,
  • $ATOS (volume and a strong intraday spike, on watch for tomorrow and coming days), $TEUM,$NETE,$TNDM (no real set ups here, just watching based on recent price aciton)

Low Float/Small Cap momentum-

.
End of month "grinder" strikes again with PYDS, very strong price action with multiple 5 min breakout flags to play.

MOMENTUM IS HERE!!! unusual moves for the last day of a month but not complaining, HMNY fever may strike again, if it does we could be in for an amazing run into Thanksgiving holiday. Be ready to pull the trigger on this ticker if you see a strong set up, she goes FAST and is on a lot of minds due to its recent incredible run. lots of short positions to be squeezed out.

Use caution when trading these low float names, they can crash even faster then they rise. Lock profits and do not look back, never play the "what if" game on these names. You can be up or down several hundred or THOUSANDS of dollars in minutes and in the case of a T12 material halt, you could be in for massive pain or worse be trapped in a position for days or weeks until material evidence is sufficient to remove halt.
 

Closing Notes:

Be mindful of starting a new month with a solid day. I typically take only A quality setups for the first day or two of the month to build a cushion to trade on. There is no worse feeling than taking a major loss at the start of a new month.

Be sure to strike while the iron is hot, take trades and minimize risk. I will be looking to enter quickly but on smaller size due to my above statement. I would rather have a few small winners or losers than exposing my current winning mental state to a large loss. Lets crush novemeber team! Good luck and lets grow together!

Disclaimer: As always, we are just an investing club here, seek financial advise from a professional before acting on any of this information. It is strictly my opinion and what i am seeing in the market. I am not a licensed broker,dealer or finical adviser. Trading comes with considerable risk and my not be for everyone. Past performance is not indicative of future performance. Never trade with money you can not lose and paper trade to prove profitability before using real money.

Tuesday