January 5th, 2017 Watch-list
Evening traders! Another green day for the market today with the DJIA gaining 60.40. We did see the pullback we had been hoping to see, but it appears it may not be as deep, at least short term, as we needed to see solid profit in either SDOW or SPXS. We may see the market stall out as it re-tests its highs before ultimately heading lower, but if we've learned anything these past few months it's that this market loves to do the opposite of what the chart is telling us! Daily chart for the DJIA and SPY below with key support and resistance labeled for review!
Current Plays on Watch:
SDOW: With the DJIA rallying higher today, this one settled back further. If in, make sure to have 1/2 R/R ratio stop loss set.
SPXS: With the S&P 500 pushing higher today, SPXS ultimately settled lower. Just like with SDOW, if in make sure to have 1/2 R/R ratio stop set just in case the market continues to rally higher.
AMRS: Another solid day on this one as we gained 4.56% and closed right up near our initial target of $0.80. I'm hoping we can see a quick pop early tomorrow above that level to allow us to lock in some profit!
QTM: We're still seeing QTM rally higher following the reversal from a few days back. For now we will remove this one from watch until it resettles back down for us.
UAA: Two strong days in a row on this one with the daily and 15 minute buy given yesterday, and a nice 2.24% gain today. We ended up coming within 5 cents of our initial target as well before settling a bit the latter portion of the day. At this point I'd recommend moving your stop loss to roughly your break even price to reduce risk. We've already seen momentum come in, If it goes away we want to be in position to exit for no worse than a break even.
New Play Added to Watch:
OCLR: Longer term we've seen this one in a steady uptrend for the last 2 years. Shorter term we are settling right down into a previous bounce point support level in what appears to be a consolidation phase/sideways channel. My goal is to be able to pick this one up in the labeled buy range below and swing it towards the mid $9.50's initially. Full entry criteria/plan below for you to review if interested in trading. One thing to keep in mind, this one has earnings scheduled for the 31st of January, so if we haven't received an entry by the 17th of January, we will move on from this trade. I do not expect that to be the case though. This one appears ready to give a buy signal in the coming days.