August 31st, 2017 Watch-list
Evening traders! Small green day for the market as the DJIA closed in the green by 27.06 points. Presently we are sitting right below that 20sma resistance level. We did break above it at one point today, but ended up closing below it. We're still pinching between that 20sma resistance and 50sma support. We should get a good indication tomorrow if the market is ready for a push higher if we are able to break and close above that 20sma. With all of that said, we're still market neutral for now. DJIA daily chart below for review.
Current Plays on Watch:
ATSG: Strong move on this one today as we were able to go up and break/exceed both of our profit targets. For those who were able to secure entries and locked in profit today, solid overall trade! As I mentioned in the market update today, if you are still in looking to potentially ride this one higher, consider kicking in a 2% trailing stop on quote order to further reduce your risk. Overall, a solid trade for us. We will target this one again down the road.
IRBT: Another solid day in the books for this trade as we continue to hold that ascending support line and move higher as it moves higher. Next key breaks are going to be that $94 level, followed by the high set today of $94.32. Ideally we want to see this one continue to hold that support line and move higher with it. Hopefully we can see some additional buying volume come in now that the price is moving off bottom nicely here. Our strategy is to get in before momentum, then once momentum comes in, ride it for a bit, then get out before it dies off. Chart below for review.