May 16th, 2017 Watch-list
Hey Traders! Nice little small pop in the market today with the DJIA gaining 76.56 points. We're still holding in the same range we have been for the past few weeks. Like I mentioned a few days back however, if we can see the DJIA move up towards that all time high, that could be a good area for us to target some inverse ETFs for the market and some options directional and spread trades. Still neutral however for now. Daily chart below with key support and resistance labeled for review.
Current Stocks/ETF's on Watch:
NUGT: Strong move the past 4 days on this one as we've gone up and broken both of our initial profit targets. Really solid trade overall here for those who were able to execute it. If you happen to still be in this trade trying to ride it higher, consider kicking in a 5% trailing stop on quote order to reduce your downside risk. Overall a great trade!
UFS: Open Position. Not much new to add here. We had a few red days, but were able to stabilize a bit today. Looking for a retest of that 20sma hopefully in the coming days! Chart below with technical breakdown and buy criteria, stop loss strategy, and profit targets labeled.
New Stocks/ETF's Added to Watch:
Nothing to add for now. Moving forward, if I happen to find potential trades intra-day, expect me to include them in the market updates potentially. Especially if there is a chance they become a buy that trading session. Have a great night all!