April 11th, 2017 Watch-list

Hey traders! Doji candle for the DJIA today as we closed slightly in the green. The 20sma and 50sma are still acting as key areas of support and resistance as we've seen the DJIA pinch right between those moving averages (able to break above or below them at times, but unable to close above or below them). Continue to watch those levels for a breakout or breakdown going forward. Daily chart for the DJIA below with key support and resistance labeled for review. 

Current Open Positions: 

KLDX: KLDX gave us an initial buy signal Friday and I know many of you jumped in, however many didn't due to the fact we did not have a white candle (criteria for more conservative traders). Today however, following a fall early, we were able to secure all of the necessary buy criteria again, including a white candle on the daily chart. For those who are in, make sure to have your 1/2 R/R ratio stop loss in place. If your broker allows, also consider having your profit target set as well. Chart below for review! 


Current Stocks/ETF's On Watch: 

Not ready to add any new stocks and/or ETF's to watch just yet. There are a lot of pharma stocks that have settled down nicely for us right into key levels of support, but they are in large part attached to the Trump rally. With Republicans failing to push through healthcare reform, we've seen a lot of them stall out and fall. The risk still outweighs the reward in these price levels. Again, I'm hoping for a market pullback because that will really bring a lot of these good but risky set-ups into a better and less risky price range for us. But like I said before, hope means nothing when it comes to trading. We'll see what the market does, and adapt to it! If you have any questions, let me know!