I don’t think I ever really looked again, but after the open yesterday, equities largely pushed down. I guess that’s one reason why my longs yesterday didn’t work out… Today, looking at futures, there doesn’t appear to be much in the way of strength coming back today, so I’ll probably have to look for shorts only. That said, there’s also the idea that things often move in the opposite direction than they did initially at the open, and with equity futures looking a bit down, maybe we’ll get a bit of a bounce. The down-move yesterday was fairly sizable, though, so I wouldn’t be surprised if not.
So, I just argued both sides; what do I do with that information? I’m going to look through my basket, maybe take out the part where it had to be above a certain threshold for the last few months, and take what the market is giving me. I’ll (try to) keep the S&P on in the background on the TV, and use that to inform any decisions (If I remember to actually look. We’ll see). Let’s dive in
Welp, I updated my computer, went to the bathroom, did laundry, had to restart my computer, then I got lost in social media, and now it’s nearly the afternoon session. I was somewhat debating on whether I’d do a swing trade, or do some day trading, but it looks like I no longer, really, have a choice — don’t want to day trade in the afternoon session.
I pulled out 8 stocks to swing trade earlier, but never looked at them, so I’m going to go through them one-by-one now and hopefully find a great opportunity
CMCSA – Long – Mid-October last year, this bottomed out and has been pushing up since then. At the beginning of the year/month, price made a move up to some resistance, based, then pushed up again. Over the last 2 days, though, this has pulled back a bit, and is sitting at the highs of the base it had formed. This looks to me like a retest before it pushes back to the upside, so I think I’m going to look for entries — either above today’s high or above the base that was created a week ago — on the hourly chart. The hourly chart is showing a steady move down, but I’m also seeing that stall at the recent support area. It’s not a perfect pattern, but it’s clearly retesting, so I put an entry order on the move back up
VZ – Long – Similar to the above, this is pushing down over the last couple of days, but is stalling at a support area that was created on the up-move. Additionally, price gapped down this morning, and I like the idea of the gap-fill play. That said, this is a deeper pullback than CMCSA, so it’s not as great of a long play, I’d say. I think I’ll set an alert here and then maybe look to get in on a return to the up-side
MU – Long – This has been up since the beginning of the year, and gapped down to create a gap to fill — which is what I imagine I was thinking when I initially pulled this stock — but looking now, and I don’t see the long play. While it has been pushing up, over the last 6 trading days, it’s stalled at some resistance that’s been a key level back in December and October and Early September, even back to mid-June. There’s a lot of chop, so I’ll hold off
COIN – Long – This is another thing that’s been up since the beginning of the year, but looking beyond that, has largely been pushing down. Price did push through a couple resistance areas on it’s way up this year, but peaked yesterday and has dropped. This could be a pullback/retest, which is why I pulled it to look at long, but it’s broader history doesn’t suggest as much. If this is a power reversal, I should expect this to push back up tomorrow and the rest of the week, and if it breaks the resistance area outside of the highs of yesterday, this could have some room to run. I don’t expect that to happen today, though, so I’ll set an alert and revisit when/if it hits
RBLX – Long – I don’t want to say a ton about this. It’s similar to the last two, albeit with a larger gap down to fill — but with chop within that gap. Overall, this has been down, and nothing really suggests a strong up-side move. I’ll set another alert similar to the one in COIN
ROKU – Short – This was on my list from the last time I traded, I looked at it again yesterday and decided to let it ride because it looked like a good short candidate. It’s been pushing down for the last year+, but has had a rally so far this year up to some resistance from Mid-October to Mid-December. Yesterday, price reached a recent high then dropped, and price is down again today. It’s sitting around that resistance area, and if it can break to the downside has a lot of room to run. There was a retest that’s finishing on the hourly chart, maybe I’ll use that as an entry point? I don’t hate it, and it’s breaking a support area, and the R:R (at least on the daily chart) is immense, so I think I’m just going to go ahead and put another entry order out there
I’ve also got BAC and CSCO on my list to look at as Shorts, but at an initial glance, I don’t like them as much as the places I already have orders (I like BAC enough, but it’s down quite a bit and now stalling at a key level), so I’m just going to let what I have out there go for the day. Hopefully one of them triggers!