January 18th, 2016 Watch-list
Hey traders! Heading into the upcoming inauguration of Trump we're seeing the market hold it's consolidation pattern that it has been in for the last few weeks. A decent amount of people are expecting a pullback in the market surrounding the inauguration. Personally I'll be looking for the market to settle back a bit as we head into February as well. Daily chart for the DJIA below with key support and resistance labeled.
Current Plays on Watch:
SDOW: With the market showing some small weakness today, SDOW was able to see a small gain. I like this one, as mentioned, as somewhat of a market hedge. If the market does settle down heading into Friday, this one should play out nicely.
OCLR: Ended up seeing this one go down and hit our stop loss of $8.15. Not a bad set-up by any means, just didn't work out. It wouldn't be a bad idea to re-target this one for a re-entry. However, we do have earnings right around the corner on the 31st so I'd pass for now.
AREX: Nothing new here. Still waiting for this one to enter our buy range. Keep on watch.