January 28th, 2016 Watch-list

Evening Traders! So today we saw the market down for most of the day by a small amount, but in the last 2 hours we took a big dip with the DJIA closing down 222.77 points and the S&P 500 closing down 20.68. We're still seeing the same back and forth action we've seen the past couple days which are making setting up trades difficult, however we will be adding one new below $20 play today at the very bottom of this page. Both the DJIA and SPX daily and weekly charts are below for review. Back to video watch-lists tomorrow.


Current Below $20 Plays:

BDN: This one was seeing another solid move early and was continuing to set higher highs on the shorter 15 min time frame, however we ended up somewhat stagnating for the day and forming a daily doji candle and a 15 min sideways channel. So we haven't set a solid lower low yet 15 min, but we aren't setting higher highs at this point either. Hopefully tomorrow we can see a second push topside and we can continue to trend upwards. To prevent us from letting a winner turn into a loser, all those who are in this trade should have their stop loss moved up to atleast their break even price to reduce risk.


Current Above $20 Plays:

CHD: Strong move early on this one before coming down mid day and rallying slightly into the close, ending the day essentially in a doji. All should have stops moved up to break even price to limit risk. Next step is to see a re-break and close above the descending 20ma.


VMC: We saw this one in the green for much of the day, however with the overall market coming down strong into the close we saw this one come back too. Many have already exited for profit, however for those still in the next key break is a break and close above that descending 20ma line in green. All stops should be moved up to break even price to reduce risk.


New Below $20 Play:

 MNGA: Notes contained on chart below.