Week in Review for May 16th-20th, 2016
May 20, 2016 23:21
Another red week for the overall market with the DJIA closing down 34.38 points. We're starting to see those weekly indicators let off a little steam as it settles down towards that daily 200sma. The 200sma is the key area I'll be watching moving forward for entries in some correlated market ETF's if we do come down and settle in that level. If we see a move topside, next key break is going to be the daily 50sma.
With the mixed week, we had our protective stop hit on CLF for a 5.84% loss. As for our current positions, ACRX is presently up roughly 4%, student request WWW is up roughly 3.5%, and BAK is up roughly 3.7%. Hoping to see continued moves early next week on those. At this point our protective stop loss for both WWW and BAK are moved up to our break even price to reduce our risk.
Overall a slower week with the market not able to make up it's mind, but I feel we are positioning ourselves for a strong move into the summer months. I'll be looking to add another 2-3 new below $20 high volatility stocks this coming week that have the potential for 10%-20% wins.
Also heading forward I'll be watching GDX closely to see if we can see a topside rally towards the $25 level. We've seen it stall out the past two weeks in the $25-$26 range following the strong uptrend. If we can see a small rally and a sell signal come in on GDX, I'll be targeting DUST for a topside rally on the GDX pullback. If we do not see GDX push higher, I'll wait patiently for a better time to enter DUST. Chart below for review showing exactly what I am referring to:
Hopefully we can end May strong and have a great start to the summer months!
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