Not a bad morning today. I’m a little groggy — had some drinks last night — but I got up at my normal alarm and was finished meditating by the time (as) the market opened. I’m going to get some coffee now, and depending on how things go for the next 30min – 1 hr. I may or may not have to leave, so I can focus on work
At the open, the S&P is down a little but not much, and at the end of the day yesterday, price had a pretty huge spike. I’d almost say it’s an anomaly of a spike, but it’s the same size as some of the down candles over the last couple weeks, and some of the up candles prior to that. Overall, things still look weak technically, but with the spike yesterday, maybe some catalyst happened that will turn things around
I’m currently in AR, which triggered late yesterday (didn’t even see it until after the market closed) and as of right now it’s down, but it’s a straight stock play, so there’s a stop-loss there, and I’m about to set an alert for 1R — at which point, I’ll set a trailing stop. Otherwise, I’ll look at my screener and see what’s out there
Looking through my screener, there were a couple things that really popped, and a couple things that look good potentially for the future, but didn’t see a whole lot that I loved, where I would’ve put some money. I took a bit of a break and scrolled through IG and Twitter and came across a list of stocks from Zacks on Twitter that looked okay.
One of those was GFF — Griffon Corporation, which manufactures building products — looked the best to me. Looking at the daily chart, this had been pushing down since the beginning of the year with a long base for most of February and March and then a drop again in April. Over the last 5 days, though, price spiked pretty hard (slightly touching into overbought territory) retaking all of the losses from April and March (and, technically February).
Today, price is down, but looking at the hourly chart, after a spike yesterday there was a base formed through the end of yesterday and beginning of today. That area was broken this morning, to new highs, and the price pushed back down and retested that area. I set an entry order to trigger if this pushes up out of the range for a second time, completing the re-test and resuming it’s upward momentum. I’ve already run the numbers (1.9 R:R), so I’m just waiting for it to trigger now.