The S&P looks like it’s going to continue pushing down. It on Tuesday and Wednesday, but today is pushing down fairly strongly. It’s stalled at a support level, but it’s been broken a couple of times before. I expect more weakness overall.
The VIX is spiking again today, too, and is well above where it’s been for the month leading up to the end of last week/beginning of this one. As for today, the only trades I think I can make are straight stock plays, so that’s what I’m going to look for today, Hopefully things are good with increased volatility.
As usual, I’ll probably just look at charts and then save the one’s I like. I’ll probably just come back here to update what I’m looking at once I’ve narrowed it down to 3 – 5. I also may include my trades here, but lately I’ve been thinking about making a separate trades section — which I think I’m going to do — so that this isn’t too crowded, and things don’t get too lost.
I glanced at a few of the stocks I was looking at earlier in the week, but they don’t look like they’re moving much today, so I’ll clear my list and start fresh.
Looking through the (only) 11 stocks that came up on the list today, 2/3 that I liked long were energy stocks. And of those, Marathon looked the best to me. It’s pushed up strong today, and looks almost extended, but it just broke out of recent highs and pulled back slightly. Looking at the hourly, there’s a little pullback, maybe the start of a base, and it looks like it has more upward movement behind it. I found a decent 2:1 R:R entry that I liked, so I pulled the trigger. I can’t sit on the sidelines anymore. I may not get to the 2 trades I wanted this week, but some of that was out of my control. I tried to take a trade, but for some reason couldn’t. It’s something I need to call about, but now, in this moment, I’m not feeling it.. Maybe I’ll call later, or maybe tomorrow. I need to, but just can’t right now.