February 27th, 2016 Watch-list
Evening traders! Small green day for the DJIA to close out last week. Overall we closed up 197.71 points for the week in the DJIA. It looks like we may be ready to see some form of retracement in the market in the coming days. We'll still do our best to remain neutral to the market so moves up or down don't play too much into what we are targeting. DJIA daily chart below with key support and resistance labeled for review.
Current Plays on Watch:
UFS: We saw this one pull back a little more for us towards the bottom end of our labeled buy range. Because of that, I've made some adjustments to the initial and second profit target. Chart below for review.
No current open positions.
New Plays Added to Watch:
CVM: We just traded this one for profit in the past few weeks. We've seen it settle back down into a key support level so we're going to look to target this one for a second time. Remember, this is a high risk/high reward trade. The major risk involved with this one is we've been in a strong downtrend for some time and we see gap downs from time to time. With that in mind, consider entering with reduced overall capital compared to what you usually enter with. Chart is below with full game plan including entry criteria, profit targets, and stop loss criteria.