July 7th, 2016 Watch-list
Evening traders! Overall we saw the market respond bullishly to the FOMC decision that they need to collect more data before considering a rate hike. At this point the chart still shows a potential bearish reversal coming, but if we end up going and breaking back above 18,000, we may see a move towards the 18100 range. Until then, I'll still be maintaining my bearish outlook and looking for positions in plays which will take advantage of a market pullback.
Current Below $20 Plays:
TVIX: With the market pushing higher following the FOMC decision, we ended up seeing this one trend lower for the day and my $1.99 stop loss hit. I'll still be watching this one for an entry however since I still feel there is potential here. New chart adjustments below. Changed to a basic reversal play since we have broken the key support level, which means there is added risk to the play. I will still look for both a daily buy and 15 minute buy for entry.
GDX/DUST: Still watching GDX for a 3/4 sell signal before taking an entry in DUST. Will also look for a 15 minute higher low to form on DUST as well. High risk/high reward trade.
Current Above $20 Plays:
SPXU/SDOW: Started to see both of these make a strong push early today before eventually drifting downward and forming lower highs on the 15 minute chart. Keep a close eye tomorrow on these two. Again, if the market falls, these two will rally.