I didn’t sleep the best last night, so I’m pretty tired. And I’ve got the same feelings about life and the world and my life that I usually have, so hopefully I won’t let that stop me from working too much. I’m also up against my open afternoon; so lots of distractions all around. The plan is to at least analyze some charts, write, do Yoga and clean up a couple of outstanding things from last week. If I do all of that, the distractions can come in full force.
I might be leaving here, soon. Right at the beginning of when I want to do the bulk of my work, so I’m not sure how much I’ll get done now, but I guess it’s better to start and try than do nothing until I get back.. I also still haven’t meditated in a while. That’s neither here nor there, but came to mind so I wanted to point it out..
The S&P was down fairly strong yesterday, taking out a small, 3-day, base; but it’s now sitting right around some support that’s been both support and resistance in the past. I haven’t been paying attention to news, so I don’t really know what’s going on, but just by my eye, I think I’d anticipate further weakness in the short-term. I haven’t looked at the VIX in a week or so, either, and looking now, it’s seemingly rounding back to increased volatility since the last time I looked and it was dropping. At this point, I actually have about 10 – 15 minutes before I’d want to pull any triggers, so there’s that, I guess. It also gives me a little bit of time for the watchlist to populate some more (though, sometimes that overwhelms me..). That doesn’t really give me much to do in the interim, though, especially because I don’t know how much time I actually have right now. It could be anywhere from 15 – 45 minutes before she’s ready to leave. I guess I’ll get some coffee and, gosh, what should I do? Maybe I’ll skim some news headlines. I don’t know. All I know is A) I’ll figure something out (probably distraction, but w/e) and B) I’ll just get started working again when I feel the time is right and go from there. I’ll probably only come back here to update this with anything I see from a chart standpoint.
Welp, in classic Anthony fashion, I spent longer than the 10 minutes before the market opened this morning on Reddit all the way up until I took my gf to work. Got home, used the bathroom and found myself back on Reddit… Looking at the clock, it was probably only for about 20 minutes (felt like an hour or more sometimes), but still not something I wanted to be doing. Before I get to the screener this morning, I’m going to look at what I already have saved in my watchlist.
First up is UEC. I glanced at this yesterday and added it to my list because it’s pushing up and right near a breakout level. It’s been trending up since late January and is hovering around highs from mid November of last year. On the daily chart, price is nearly in overbought territory, but not quite. Looking at the hourly chart, price is rouching the upper band and is also touching overbought territory here as well. I think there’s too many conflicting signals, so I’ll actually hold off here
BTU – Peabody Energy Corporation – is next, but I’m already feeling a bit wary about it. I’m not sure if I’m wary because I’m not seeing anything (which is what I think it is) or if I’m just nervous about trading as I sometimes get, but it’s a tough one. Looking at the 4h chart, this has been pushing up since the end of last year had a little pullback last week, and is up near breakout areas again. Looking at the hourly chart, this broke to the upside of a base that formed yesterday, and largely has been running today. I don’t actually see a pattern — even a breakout of these highs is just that, and not a breakout of a base which is the actual pattern I look for — so I think I’m going to hold off here and probably just miss it. Maybe one day, when/if I get a coach, this type of trade can be discussed, but I don’t think I want to do it now
DDL, which I looked at last week as a long play, and still had on my Long watchlist, might be a short play, actually. When I looked at this, it was on a nice spike that took out a couple of resistance areas, but stalled at yet another one. Looking at that resistance area, this is still trending down (which it’s been doing since December. It stalled throughout the last half of March and just pushed up at the beginning of last week). Price is sitting on one of the support areas it broke on the rally, that’s now acting as resistance, and is in a decent base on the hourly chart. It’s pushed through the lows already today, but has rallied a bit, so I’m going to run the numbers and set an entry order to get in if price pushes back through the day’s lows. Just kidding, DDL has no options, and after running the numbers, the R:R isn’t there on a straight short play
Ford (F) has been on my screener off and on for a while now, but it’s never really looked incredibly tradable to me. It’s been pushing down since the beginning of the year, and while it’s had a bit of a rally this month, it looks like a rally to short into. Looking at the hourly chart, price is pushing down off of it’s upper band and coming into a support level that was resistance a couple of times in the past. Now that I’m looking at it, I’m not going to trade off of the breaks of the highs of the support area — I’d rather trade the breaks of the lows — so while this looks decent right now, I think I’ll set an alert to actually try to get in near those levels
I’m still in FYBR and set an alert for F, but other than that I didn’t see anything that made me want to pull the trigger. Maybe there’s nothing there, but it could very well be that I’m just missing something because I’m still in a bit of a funk. I guess no matter what the reason/issue is, I’m not losing money, so I can’t bee that upset. Looking above, it’s a lot more analysis than I’ve done in recent memory, so I can hang my hat on that a bit too. For now, I’m just going to do the other things I’ve wanted to do (largely distract myself, I’m sure. But maybe I’ll do something productive at some point), and return if I get an alert.