March 7th, 2017 Watch-list
Hey traders! Essentially another even day for the DJIA as we closed in a doji candle on the daily chart but did gap down slightly with the DJIA closing in the red by 51.37 points. As we talked about yesterday, the chart is screaming a pullback is coming, but it's been in this position before in the past few months and continued to rally higher. I don't feel too comfortable putting us at risk with inverse market ETF's at this point. What I'd prefer to do is, if we do see a healthy multi day pullback, look to load up on some support and basic reversal plays for when the market reverses back topside again. Ideally I'd like to see the DJIA come back to at-least the 20sma on the daily chart or lower. DJIA daily chart below with key support and resistance labeled for review.
Current Open Positions:
No current open positions.
Current Stocks/ETF's on Watch:
UFS: This one ended up falling below our labeled buy range today. I did decide to keep it on watch for one last try with a lowered buy range that takes advantage of some small support in the $37 range. Chart is below with a new buy range, full entry criteria, new profit targets, stop loss strategy, etc.
LC: Another red day here as we wait patiently for a buy signal. Presently we're sitting right at the bottom end of our labeled buy range. I went ahead and made some small adjustments to the labeled buy range and profit targets for you to review since we have dipped lower. If we end up continuing to fall below the $4.90 level, we'll target this one down in the mid $4's.