- Overall Market -
Fridays session ended on a very strong note, earlier in the session price was restricted and range bound as techincals tightened waiting on FED. After some dovish remarks from chairman Powell, the market was off the races.
SPY (S&P 500 spider) - Technical breakout with fundamental backing. Over all the market looks very strong and is currently trading up in the futures market. I would look to see us hold above 273 for continued strength.
VIX - (volatility) quickly coming back into acceptable range after Fridays strength. VIX currently at 16.50+- which is still higher than our average for the last 18 months but look to continue lower. We may have seen the end of our volatility trade for now. If the market is recovering I would look for VIX to settle in the 13 spot range and market bulls to rule the day again. This is all purly speculitave on my end, there are still a number of factors that could send this flying again but the market is strong.
- Trend Watch -
APPL (apple) - looking bullish, this market monster showing great strength.
AMD (Advanced Micro Devices) - This price is breaking out for a potential retest, last weeks price looked bearish, however after the rally on Friday we broke above a short term down trend resistance, potential to retest $13+- spot if fridays strength was true.
XLE (Energy sector) - Technical heating up on the daily chart. Looks poised for a sector wide breakout. Look for energy related plays to potentially take advantage.
HL - (Helca Mining) continues to trade down with trend, testing upper trend on down channel. A breakout above current falling resistance may signal a strong breakout to test neck line of this pattern. Should we fail here, a triple bottom may be in order.
- Bitcoin -
Bitcoin looks choppy to me. Yes, I understand there are many other "alt coins" but I only track bitcoin as a general "health of the sector" kind of thing. Although the euphoria surrounding most coin plays has died down, be mindful that get rich quick traders are still looking for the next big move to the upside. (if it ever comes). $GROW traded well in recent days, continue to watch this name for upside potential.
- Low float watch -
$MOSY (Nice short term momentum, breakout watch) update - perfect breakout called here, on watch for continuation of this move. great strength, high risk
$APHB update - we got our gap and profits, congratulations to all swing subscribers. closed this last week. Keep this on watch for a rerun.
$BSPM update - looks to be trying to find some legs here, techincals still need time to cool off, potential weak reversal candle on daily chart. Watch for signs of a move to the upside with volume.
- Day Trade Watch 2/26/18 -
$EKSO - Attempted to buy this on a swing Friday, however volume and price moved faster than anticipated. Keep this on watch for a continuation, this name is a former running and low float.
$NXTD - gaping up premarket with some volume, this name has been active in recent trading. keep on watch for a high volume breakout today.
$BNSO - unusual price action, low volume. keep on watch.
$RNN - potential bottom, low float on watch for volume and move off lows.
- Closing Thoughts -
Bulls may have have finally one our short term stand off. I would not be very surprised to see in the coming weeks the market retest highs. Personally I still have concerns about the overall length of this current bull cycle. Some of those concerns have been quieted by our strong pullback. Given that market technical have been given sufficient time to cool off, it seems only natural for a retest of highs to take place.
We are headed into the end of the month, watch for day traders to put their foot to the gas in these few sessions. The month has been a bit choppy and not as profitable as past months for most traders. This may signal some agressive trading for many greedy indvduals. look to capatilize on momentum.
Stay Hungry and Humble Team, Thank you!
Disclaimer: We are not responsible for losses for any reason. We are just an investing club here, seek financial advise from a professional before acting on any of this information. This information is strictly my opinion and what I am seeing in the market. The information above is not a trade recommendation to buy or sell. I am not a licensed broker, dealer or finical adviser. Trading comes with considerable risk and may 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.