I, as usual, wanted to let the market breathe for the first few minutes of the day, so I let it go for a little over an hour. I suppose that’s actually not that bad..
I’m feeling decent today. A little tired, I don’t know why, I think I had a “hard” time sleeping last night, but it’s fine. I’ve got coffee, and I’m feeling good about my trading and my skills and what to do today
The S&P ended up closing down yesterday, despite opening above the base it was in, and today, it gapped up again, but is largely pushing down on the day so far. The gap-ups are suggesting strength, and yesterday’s drop did stall at that resistance-now-support level, so that’s pointing toward strength, too. Just going to keep my eye out for opportunities this morning.
As for what I’m in right now: ARR and ET are good. ARR gapped up this morning, and had another up-day yesterday, but still looks weak overall, and ET is pushing up yet again today. I’m just waiting for both of those option’s prices to hit .5R. FYBR on the other hand is remaining in that base, and I’ll probably exit it tomorrow. I’m giving it one more day to potentially push up and make a run.
I’m going to look through my screener now and see what’s out there. I’ll come back with analyses of any stocks I like. But first: bathroom.
OXY was on my watchlist from last week, and has just remained because it’s looked good, but not quite at tradable levels. Today, though, price pushed up strong to the highs and has started to pullback. Looking at the hourly chart, there was a huge spike at the open, for the last hour it’s been down, almost to the open, but still above, and is sitting at support levels that were prior resistance. The next candle opens in less than 10 min. so I’ll at least wait for that, but I’m going to look to get in when this pushes back above $62.40 — These options were expensive, over $4 each — so I did set an entry order but with a stop. I’ll have to make sure to monitor this one more closely if it triggers since it’s a larger investment
SAVE is another interesting one that came up this morning. It’s Spirit Airlines, and there are a couple things at play here. I backed out to the weekly chart, and looking there, this is up against a resistance area that’s held since last July. 2 weeks ago, price really spiked and hit that area, but there’s been a small pullback over the last week and this week there’s a push up. The daily chart is showing the same spike, week-long pullback and then price heading back up. The hourly chart is where things get a little trickier. It’s showing a nice, long base, and the highs were broken and an apparent retest started to form. The thing is, though, the candles look TINY unless I zoom way in, to like the last day or 2. If I zoom out (on the hourly chart) to see the last few days of activity, the candles get really small. I wonder if the spike a couple of weeks ago was so large, that comparatively, these candles have to be this small. If that’s the case, I’m not sure how far this could go. I ran the numbers, and just to the highs of the long-term range, there was a nice R:R, so I set an entry order here, too.