January 9th, 2017 Watch-list
Hey traders! Another week coming up for the market and the DJIA is primed to break the 20k level! We ended up seeing that pullback we wanted on the market, however it was not deep enough to produce any significant move in either SPXS or SDOW unfortunately. At this point we don't want to fight against the trend too much, so we'll let the market do it's thing until we again see strong overbought levels before targeting inverse ETF's again. Daily chart for the DJIA and SPY below for review.
Current Plays on Watch:
SDOW: Many are still in this trade presently despite the pullback. If in, make sure to have your stop locked in since the market appears to be on the move topside again. Chart below for review.
SPXS: Just like SDOW, with the market rallying higher, this one has fallen. With entries around $10.54, many stops have been executed in this one. This is one we'll always keep in our back pocket though for whenever the market gets topped out or as a hedge if we go in a solid amount of above $20 plays.
AMRS: Another strong day on this one as we went up and broke our initial target of $0.80. For those who locked in profit, great job! If still in, at this point i'd look to kick in a trailing stop on quote order of 7%. This chart still looks strong for a move into the mid $0.80's. Great overall trade here!
UAA: Essentially a doji candle for this one on Friday following the red day on Thursday. Like we talked about last week, if in consider moving your stop loss up to your break even price to reduce your overall risk here. Still hoping to see this one make a second push towards our listed targets.
OCLR: Not much new here. Still sitting right in our buy range and waiting for the 3/4 daily and 15 minute buy signal. Keep on watch. Chart below for review on entry criteria.