March 2nd, 2016 Watch-list

     Evening Traders! Strong day for the overall market with strong data coming out and pushing the DJIA up 348 points and the SPX closing up 46 points. As I alluded to earlier today, we'll focus more on the weekly charts at this point due to the fact the daily charts continue to defy the technical indicators. We have broken out of the sideways channel we had be stuck in and have set a higher high on both charts. Next step to ensure a solid uptrend is to form a higher low on the next pullback. Below will be both the daily and weekly charts for the DJIA. 

Current Below $20 Plays:

MNGA: Really solid move on this one the past few days. Closed up 5.88% today and is up about 9-10% since the buy signal given on the 26th. Strong momentum at this point. We want to see this one hit our target within the next day or two however since we are seeing the indicators starting to head into their overbought levels.

XXII: Doji candle today. This one appeared ready to reverse slightly above our buy range (and still may do so) however for those who did not chase this one above our buy range we may still have an entry opportunity if this one settles down into our buy range. Keep this one on watch going forward. For those that are in, $1.00 is the next key break going forward.

At this point we have a very small list of stocks we're watching/tracking largely due to the fact the overall market has been on such a strong run upward. However it is my goal to slowly begin to build a solid list of 7-10 quality stocks to have as potential trades as the market settles down. For now we have KO, SPG, and NKTR that we are tracking for pullbacks once the market settles back. I'll be looking to add another 2-3 above $20 plays and 2-3 below $20 plays over the coming week. This is the nature of swing trading as long traders. The most important thing is to be fully prepared as the market settles so we can take advantage of upward swings. We'll be ready. As usual, if you have any questions, let me know!